Spot the Dog: Merian acquisition hurts Jupiter but Invesco remains worst culprit

£49.6bn of investments in poor performing funds

The acquisition of Merian Global Investors has seen Jupiter Asset Management leap up the table of underperformance from ninth to second place, but Invesco retains the top spot for the sixth time, according to Bestinvest's biannual Spot the Dog report.

The report has identified 119 underperforming funds representing £49.6bn of investor capital, which must deliver a worse than market return for each of the last three 12-months periods and underperform the market by more than 5% over three years to qualify. Invesco remains top dog with 11 funds valued at £9.2bn, a figure more twice that of the next worst performer, although it has improved since the last report when it featured with 13 funds representing £11.4bn. Former Mark Barnett flagship vehicles continue to feature on the list, proof of a "work in progress", according to the report....