Franklin Templeton, M&G Investments and Aberdeen Asset Management have been the fund managers worst-hit by sustained outflows from bond funds and emerging markets during 2015, according to the latest figures.

There were €7 billion of outflows from fixed-income mutual funds in Europe during the month of November, making for the fifth consecutive month of withdrawals, according to the fund analysis firm Morningstar, which published its flows report for the month on December 29.