The UK equities performance of Russell Investment Group, the world's largest multi-manager, has further deteriorated over the past year. Russell's £2.34bn (€3.4bn) UK equity fund is ranked 87 out of 103 for the 12 months to July 31, according to performance measurers Russell/Mellon. It returned 9.8% against an average of 11.5%.

Over three years, the fund is 1.2% below average and slightly under over five years.