Fund managers have suffered heavy outflows since the onset of the Covid crisis, haemorrhaging tens of billions of dollars as the pandemic wreaks havoc on markets.

But there are bright spots. Equity funds that make so-called "thematic" bets pulled in a net $22bn across Europe during the first six months of the year, according to data from Broadridge. Non-thematic funds posted outflows of $57bn in the first six months of the year across the region.