It may not be the great rotation away from bonds to equities predicted by the pundits last year, but European investors are increasingly putting their faith in multi-asset funds, according to research group Morningstar.

Its 2013 Global Flows Report published last month shows European investors putting the most money into investment funds since 2007, with multi-asset strategies (or allocation funds as Morningstar terms them) taking the lion's share. They took €95 billion of the €274 billion inflows.