In fund prospectuses, a caveat typically states that past performance may not be a proper indication of future performance. A senior Bank of England official made a similar warning about the fund management sector as a whole on Monday.

Sarah Breeden, who focuses on financial stability at the Bank of England as head of the market, sectors and interlinkages division, made the comments during a panel discussion in Washington on asset managers and the risks their activities may pose. She spoke at the US Department of Treasury as the only international voice on a panel of experts.