Money is moving back in to actively-managed funds at pre-crisis levels, after a period of heavy allocation to cheaper, passive alternatives, in a clear indication that European investors are again willing to pay the fees charged for the promise of out-performing the markets.

The level of assets that has been moved into European passive funds by institutional, high net worth and retail investors, has dropped this year after the sector received massive inflows in 2008 and 2009, figures from data monitor Lipper has revealed.