Invista Real Estate Investment Management has become the latest casualty of a faltering UK property market after its assets under management fell by £600m (€839.4m) since the summer and it warned of a further drop of up to £1.1bn.

Total assets under management fell from £10.2bn to £9.6bn in the four months to the end of October. Invista said it expects outflows from its two with-profits funds in December, and it expects total assets to fall to between £8.5bn and £9bn by the end of the year. With-profits funds aim to smooth out fund returns by hiving off returns from good years as reserves, and using these to prop up returns in bad investment years.