Investments managed by HBOS, Fidelity and Jupiter have been branded some of the worst-performing in the UK, with billions of pounds languishing in their so-called dog funds.

According to a twice-yearly list compiled by online investment platform Bestinvest, three products offered by Lloyds Banking Group brands HBOS and Scottish Widows account for 62% of the total £10.7bn sitting in underperforming funds.