This year is likely to go down as one many asset managers would like to forget, with several of Europe’s biggest groups on target to end the year nursing multi-billion-euro outflows.

According to data from Morningstar, US bond giant Pimco had suffered net outflows of almost €27bn in Europe by the end of October this year — the largest of any asset manager operating in the region. The firm has been hard hit by the bond market selloff this year, as fixed-income investors have taken flight amid rising interest rates and predictions that 2022 could be the worst year on record for the asset class.