European investors are rediscovering their appetite for risk.

According to the latest mutual fund flow data, published today by the European Fund and Asset Management Association, investment managers collected €70bn in net new assets in the third quarter, up from €30bn in the previous quarter. As they shift from low-yielding money market funds into bond and equity-linked vehicles, investors have added €122bn to their holdings in the first nine months of the year.

Though impressive, this year’s inflows are not nearly enough to offset previous outflows; investors yanked €142bn from their portfolios in fourth quarter of last year alone.