Sovereign wealth funds in the Gulf have been pulling money out of asset managers at the fastest rate on record as they rush to boost their economies following the collapse in the oil price.

At least $19bn was withdrawn by state institutions during the third quarter, according to data provider eVestment, denting investment managers’ profits and raising concerns about the prospect of further outflows.

The true level of withdrawals this year is likely to be much greater as some asset managers, including BlackRock, the world’s biggest fund house, do not disclose their dealings with sovereign funds. Morgan Stanley estimates BlackRock suffered redemptions of $31bn from government institutions during the second and third quarters. BlackRock declined to comment.