A rush of inflows to exchange traded funds in January helped European asset managers to their best monthly sales performance in over a year, according to new research, as investors opt for passive strategies to keep down costs in the downturn.

Investors pumped €22bn ($28bn) back into equity, bond and money market funds in January, the best sales performance in 14 months, according to data provider Lipper Feri. However, this figure is still half of the five year average.