Asset manager Henderson continued to endure significant retail net outflows in the opening quarter of 2017, though the firm's chief executive claimed signs of improvement had appeared in March.
The first quarter of 2017 saw the business suffer nearly £2bn of net outflows, with £1.4bn of this coming from the retail side.
However Andrew Formica, chief executive at the fund house, claimed that some silver linings had emerged during this period.
"While retail client outflows continued, we saw an improvement in client sentiment and flows as we moved towards the end of the quarter," he said.
"Aside from the one-off outflows that resulted from the merger-related restructuring of our global equities team, our institutional business continues to see steady growth."
The restructuring resulted in head of equities Matthew Beesley leaving to join Gam in a similar role, while portfolio manager Ian Tabberer was moved to the firm's emerging markets team.
The dire first quarter figures mark a continuation of a trend seen in 2016, when the fund house was hit by £4.6bn of net retail outflows, with the business citing factors including reduced risk appetite.
However assets under management had increased to £103.1bn as of March 31, up from £101bn at the end of 2016, driven by positive investment performance and currency movements.
Mr Formica added that the firm had made "substantial progress" in preparation for its proposed merger with Janus Capital Group.
"We continue to be pleased with the supportive response from clients and await shareholder approval on April 26," he said.
