Falling investor confidence, exacerbated by fee hikes, has depressed flows at the two UK asset management businesses that published interim reports this morning; but while Henderson Global Investors saw net outflows in the third quarter, Standard Life Investments continued to record net inflows.

Both firms raised their fees on some of their products this summer. As Financial News reported in early July, Henderson raised administration charges by up to 10 basis points on 30 funds at its new Gartmore subsidiary, and Standard Life Investments said it intended to increase its management fees on five retail bond and income funds by five basis points, to 1%.