Assets under management at UK-domiciled funds fell by more than £100bn (€107bn) last year despite increased inflows from retail investors, according to new figures from industry body the Investment Management Association, as investors put more money into bonds than at any time in at least a decade.

The value of assets at open-ended UK funds fell by 23% to £360.7bn last year, from $467bn at the end of 2007, while overseas-domiciled funds fell from £18bn to £16.1bn, according to the IMA's figures.