The number of persistently underperforming funds has increased by more than a quarter in the last six months to 56, according to Bestinvest’s latest Spot the Dog report, with St James's Place dominating the list of big funds.

UK equity funds have been named as the worst performers in the latest influential Spot The Dog report.

Bestinvest’s bi-annual Spot the Dog report, which names and shames poorly performing funds, has revealed that investors are paying £115m in fees a year to invest in 31 ‘dog’ funds.

Bestinvest has named and shamed 86 poorly performing dog funds in its latest half yearly ‘Spot The Dog’ investment report.