Outflows at M&G, the asset management arm of the Prudential, marred the group’s third-quarter results as it reported clients pulling £3.9 billion from its retail bond funds during the three months to September, continuing the outflows witnessed in the previous quarter.

M&G, which for several years was one of the best selling retail fund managers in Europe as investors flocked into its well-regarded fixed income suite, has been hit by a turnaround in sentiment among its European client base since the summer.