Investors pulled an average of $236m (€182m) a day from the funds arm of Morgan Stanley during the year to March 31, as redemptions and crashing markets combined to wipe almost 40% from the value of the group’s assets under management.

Morgan Stanley Investment Management managed $356bn at the end of March this year, down 38% from a $574bn at the same point in 2008, according to the group's first quarter results released today.