The Investment Association, the fund managers’ trade body, has appointed four new board directors - including three women - to help improve gender diversity in a sector which has been criticised for being male dominated.

The UK asset management industry has grown to £7.7 trillion to maintain its standing as the second largest asset management centre in the world, according to the latest Investment Association figures.

Experts from across the financial sector have expressed their fears over a ‘no deal’ Brexit after the Government produced guidance in the eventuality of no agreement between the UK and EU.

The Investment Association’s monthly statistics of UK investor behaviour in May 2018 showed outflows from UK equity funds reached £1.2bn in May.