Investors pulled billions from funds managed by Russell Investments, Aviva Investors and M&G during the first half of the year, making the three fund groups the worst-selling asset managers in Europe.

The outflows, which totalled €13.8bn across the three fund groups, were driven in some cases by large clients moving away from traditional fund structures to more customised mandates, as well as those de-risking after markets climbed to fresh highs.