Morningstar

Despite heightened awareness of index huggers, this cosy practice is still a big problem, finds PP.

M&G Investments and Ignis Asset Management saw the biggest outflows last year while Neil Woodford's fund house and BlackRock pulled in the most investments, according to Morningstar.

Investors have allocated more than €50bn (£40.6bn) of new assets to long-term funds in the first quarter of 2012, says Morningstar.

Bill Gross' flagship bond fund has been hit with a wave of redemptions which has left it recording annual outflows for the first time in its history.