Schroders was hit by fund outflows of £500 million in its third quarter to September and suffered a roughly £15 billion fall in the value of its assets to £294.8 billion – a sharp reversal from its more upbeat first half.

The set backs were marginally worse than analysts' expectations. They followed a net outflow of £200 million from Schroders' retail funds, £100 million from institutions and £200 million from wealth.