Green, social and ethical funds in Europe have grown considerably in number and size over the past year, in spite of the financial crisis, the Financial Times reports.

Assets under management rose by 9% to €53bn (£47bn) over the year to the end of June, according to an annual fund review by Vigeo, a corporate social responsibility ratings agency.

The number of retail funds, defined as those open to individual donors, increased by 27% from 537 to 683 over the same period, the review said.

"The results show socially responsible investing is more than a fashion," Davide Dal Masio, head of socially responsible investment for Vigeo in Italy, told the Financial Times.

It remains a niche area, he said, but is showing higher growth than the wider industry, with socially responsible investment (SRI) assets reaching 1.11% of total assets in UCITS funds (a prominent class of investment throughout the EU) this year, up from 0.87% last year.

France is the biggest SRI manager by assets, with €13.8bn (£12.5 bn), pushing the UK, with €10.5bn (£9.5 bn), into second place.