Franklin Templeton, M&G and Invesco are on course to end 2020 as the worst-selling asset management groups in Europe, an indication that some of the region’s biggest active managers are struggling to fend off fierce competition from cheaper index funds.

Figures from Morningstar show US-based Franklin Templeton posted net outflows of €12.9bn in Europe to end of October — the highest investor redemptions recorded by any asset manager this year.