There was a record surge in interest in equity funds as investors backed this product in the weeks leading up to the end of the tax year.
Edward Glyn, head of global markets at Calastone, said 2024's Isa season was the best in the 10 years the company has run its fund flow data.
Calastone's Fund Flow Index looked at inflows from the middle of February to the end of the tax year, which showed equity funds absorbed £5.17bn.
This was more than five times as much as in 2023 (£981mn) and better than any year on Calastone’s records.
Glyn said: "The 2024 bull run in equity markets flies in the face of the uncomfortably bearish signals coming from the bond markets."
The data showed inflows into equity funds slowed in April but still remained high.
In April, investors were showing interest in North American equities with net inflows of £1.25bn, the fourth best month on record, while the previous three best months were also all in 2024.
Global and European equities were also major beneficiaries of investor optimism, absorbing £1.49bn and £471mn respectively.
Global funds had their best month since April 2023 while European funds had their third best month, according to Calastone's records.
Glyn added: "Inflation in the US, the UK and elsewhere remains obstinately above target and resistant to high interest rates – meaning they are going to stay high for longer.
"That is bad for asset prices of all kinds, and global equity markets faltered in April, falling almost four percent from the peak.
"Nevertheless, they remain close to the record high reached earlier in the month, leaving some markets, particularly the US, looking expensive.
"Investors seem undeterred. Inflows may have slowed a touch, but they are still well above normal levels as investors chase stock prices – the outflow from money market funds is part of this trend."
He added that this explains why the 2024 Isa season was so strong.
tara.o'connor@ft.com
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