Bestinvest’s bi-annual Spot the Dog report, which names and shames poorly performing funds, has revealed that investors are paying £115m in fees a year to invest in 31 ‘dog’ funds.

Fund manager JO Hambro Capital Management (JOHCM) has launched a global Shariah equity fund.

UK investors withdrew £822m from funds in May, the fourth month of net retail outflows so far this year.

Investors pumped in £553 million into funds in April after pulling out £3.5 billion in March, according to latest figures out today from the fund managers’ trade body the Investment Association.