Schroders PLC (LSE:SDR) said assets under management (AUM) dropped by £21bn in its third quarter reflecting the crisis that enveloped the industry following September's mini-Budget.
AUM tumbled by approximately 3% to £752bn from £773bn in the three months to the end of September compared to the previous quarter..
More than £20bn of the decline came from the firm's solutions business, which houses its liability-driven investment (LDI) strategies where assets under management fell to £205.5bn from £225.7bn.
Schroders is one of several asset managers to offer LDI investment strategies that typically use derivatives to help pension funds match their assets with their liabilities.
But the results only capture a week of the turmoil that ripped through financial markets following Kwasi Kwarteng’s disastrous mini-budget.
Shares in Schroders had mostly recovered early losses by midday to trade broadly unchanged at 377.3p, down just 0.3%.
Schroders, which has been around since 1804, is widely regarded as a bellwether of City fund managers.
Some pensions were close to collapse when the gilt market crashed and the Bank of England had no choice but to intervene.
Jupiter Fund Management, a rival of Schroders, also revealed clients pulled out £600mln in its third quarter.