UBS Asset Management, the Swiss bank’s investment arm, has fallen spectacularly in a ranking of Europe’s best-selling asset managers, finishing bottom of the pile for the first three months of the year.

According to data from Morningstar, Zurich-headquartered UBS, which ended 2018 at the top of the European sales chart after gathering more than €17bn, reversed its winning streak with a net €6.3bn leaving its funds between January and March.