The industry body data shows that there was inward investment amounting to more than €152bn (£121bn) in the quarter. This is an increase from €138bn in Q1 for the year.

Conversely, money market funds returned back to the more normal net outflow rate, achieving a quarterly level of €22bn and reversing the €14bn net inflows which were seen in the first quarter of the year.

The return to net outflows saw UCITS, (Undertaking for Collective Investment in Transferable Securities), sales drop from €152bn in the first quarter to €130bn, but this is still high.

The EFAMA data also shows that combined, UCITS and non-UCITS assets saw an increase of 4.6% in the quarter. This amounted to a total of €10,617bn for the end of June.

Over the year, UCITS funds have a recorded net inflow total amounting to €283bn. This is a notable increase of €139bn from the results through the first half of last year. The biggest contributor to this total has been from bond funds, which have seen the largest net inflow, of €118bn.

Balanced funds and equity funds at €100bn and €51bn respectively round off the top three performers in the quarter.