Mutual funds are piling more money into equities than safer fixed-income products for the first time since the financial crisis, according to data released today, in a clear sign that investors are regaining their appetite for risk.

Mutual funds invested $82bn in equities in the first quarter of 2011 and $70bn in bonds, according to figures released by data provider Strategic Insight. This is the first time equity inflows outstripped those into fixed income since 2008, just as the financial crisis began to unfold.