Standard Life's renowned Global Absolute Return Strategies fund suffered net outflows of £4.3 billion in 2016, after the amount of money pulled out by current investors almost doubled and demand from others slowed.

The net outflow underlines the scale of the task ahead for Guy Stern, head of multi-asset and macro investing at Standard Life's investments arm. GARS, which uses strategies more commonly associated with hedge funds, is looking to return to its past glories after two years of underperformance.