Hedge funds took $24bn (€19.5bn) of new money from investors in the first three months of this year, reversing an outflow at the end of last year, according to Hedge Fund Research, a data provider.

The inflow is the highest since the first three months of 2005, when Hedge Fund Research estimated $27bn had poured into the industry. The previous quarterly high was the first three months of 2004, when $38bn flowed in.