Sovereign wealth funds are putting more money to work through direct investing than at any time since 2008, as giant state-investment funds look to bypass fees charged by fund managers

Figures from the Sovereign Wealth Fund Institute show that levels of direct investment hit over $50 billion during the first half of the year, up 23% on a year ago and just shy of the previous six-month record set in 2008. That year a number of state funds from Asia and the Middle East took large stakes in banks, including the UK's Barclays, which were rushing to raise funds as the financial crisis took hold.