Cash and short-term funds have for the first time overtaken actively managed equity funds in size among the 30 largest fund providers in Europe, according to Fitzrovia International, the fund research firm.

Of the total net assets 30% were in cash or short-term funds and 28.3% in equity funds at the end of June this year. This increase benefited Pioneer's Euro short-term fund and Merrill Lynch's institutional liquidity fund, which saw the biggest individual increase in June among the top 30 European providers.