Assets held in Europe's investment fund industry climbed by 22.8% to €6.57 trillion ($7.8 trillion) last year on the back of a strong performance by equity funds.

An annual report prepared for the European Fund and Asset Management Association showed net assets held by pan-European Undertakings for the Collective Investment of Transferable Securities funds rose by 23.3% to €5.17 trillion at the end of 2005.