Investment giants Franklin Templeton, M&G Investments and Aberdeen Asset Management suffered the worst outflows in Europe during the first 10 months of the year, with just shy of €40 billion in redemptions.

Franklin Templeton, which has $723 billion under management globally, had the largest net outflows. European investors pulled a net €20.6 billion from its European funds over the year to October 31, according to Morningstar data covering open-ended and exchange-traded funds.