The amount of money being invested in financial companies by sovereign wealth funds has hit an all-time high this year, according to new research, as state-owned investment vehicles continue to see value in struggling western banks despite some heavy paper-losses on deals to date.

The value of finance-targeted investment from SWFs so far this year has reached $31.3bn (€25bn), according to data provider Dealogic. The figure is almost three times the value of $12.7bn at the same time last year and is the highest year-to-date value on record.