The inflow figure represents a “significant increase” compared to the final quarter of 2017, which saw inflows of just $500 million, the firm said. The quarter brings total positive net asset flows to $61 billion since Q4 2016 – the last time the industry saw net outflows – and pushes total hedge fund assets to $3.6 trillion as of the end of the quarter.

Despite negative monthly performance in February and March, commodity trading advisors have seen net inflows totalling $13 billion in Q1 2018, the largest of any leading strategy. By contrast, the largest top-level strategies by assets under management – equity, macro and multi-strategy funds – experienced the largest net outflows of $7.6 billion, $1.3 billion and $500 million respectively.

Geographically, managers based in North America saw the greatest inflows in the quarter, totalling $15 billion, which has driven aggregate assets held in the region to $2.6 trillion (73 per cent of the global industry).