Franklin Templeton suffered a “bleak month” for September flows in Europe, according to Morningstar, with outflows for strategies run by one of its chief investment officers Michael Hasenstab contributing to a €2.9 billion loss.

The September loss took Franklin Templeton's net outflows to €19.6 billion in the nine months to September - more than double the €9.5 billion run up by second-placed M&G Investments, according to data provided by Morningstar on October 27.