Equity funds on sale to UK investors posted record inflows in April, gathering almost six times more than the monthly average as markets rebounded from the Covid-19 sell-off.

Equity funds took in £2.6bn of new money last month, according to data from Calastone, comfortably beating their previous record set in July 2015. The amount of new money gathered during April was almost six times the average monthly inflows recorded over the past five years.