Gulf sovereign wealth funds have withdrawn money from asset managers at a record rate this year as falling oil prices have left gulf economies scrambling to inject cash into their economies, said a report.

Data provider eVestment said state investors have removed at least $19 billion from funds under management, sparking both concerns that profits for investment managers will suffer, as well as further losses to funds under management, according to a Financial Times report published on Sunday.

Countries that depend on the sale of oil and gas, which has seen a price drop of more than 50 percent since June 2014, have been forced to raid their investment portfolios the report said.

The report highlighted asset managers Aberdeen Asset Management PLC , Northern Trust Corp , Franklin Resources Inc among others have each admitted that government clients have withdrawn funds this year.

The report cited Morgan Stanley as saying sovereign funds have also pulled money from Invesco as well as the asset management units of several US banks including Goldman Sachs Group, Bank of New York Mellon Corp, State Street Corp, and JPMorgan Chase & Company.

The Saudi Arabian Monetary Agency is one of the sovereign wealth funds that has made withdrawals from its asset managers the report said, adding that the fund, with more than $650 billion in assets has withdrawn around $70 billion.

The monetary agency did not respond to a request for comment.-Reuters