Demand for equity funds among European investors is now 97% lower than at the peak in October 2000, according to a survey by Schroder Salomon Smith Barney's (SSSB) equity research group.

Demand is at the same level as 1996, or €6.3bn ($6.2bn), compared with €184bn at the peak. UK, French and Swedish investors are slowly returning to equities, despite an overall €600m net outflow in July for all the countries measured as they bought €1.3bn worth of equities in July. SSSB's research suggests net inflows were to domestic equities and outflows were from foreign counterparts.