Fund managers had their best quarter in over three years, with a strong recovery in equity markets producing double-digit growth in the second quarter of this year, according to Russell/Mellon Caps.

The median return for asset managers running balanced portfolios was 11.2% over the three-month period. Equities recovered from their depressed levels and were the top-performing asset class, with shares in Europe returning 20.0% and UK equities posting 14.5%.