The value of assets overseen by UK fund management groups is set to drop by 1.5% following the hit from Covid-19, reversing fortunes for the sector which posted a double-digit increase in its overall haul last year.

Assets under management run by UK fund groups is expected to fall to £1.452bn this year, according to figures from EY, a turnaround from 2019 when the sector increased total assets by 11.6%.