The number of underperforming so-called ‘dog’ funds has soared by 170% with 151 equity investment funds consistently underperforming their relevant market index over the last three years.

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.

Financial health is now the leading concern for employees, according to a new survey of more than 500 business owners.

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