The Agnelli family’s €3bn ($3.14bn) sale of its stake in Ferrari NV has helped push European block trades to their strongest start in two decades.

Investors, including billionaire families, private equity firms, and governments, have raised approximately $15.3bn through stake sales since January, driven by a surge in European stock markets.

Among the most significant transactions, the Sandoz family sold a $2.9bn stake in Novartis AG earlier this week, while Pfizer raised $3.2bn in January by reducing its shareholding in Haleon Plc. Meanwhile, the Irish government has generated €652m through the sale of a 5% stake in AIB Group Plc.

Wealth manager Singular Bank’s head of strategy, Roberto Scholtes, noted that with valuations improving but M&A activity still subdued, major investors are increasingly turning to block trades to reduce or exit their holdings.

Momentum in block sales is expected to persist as European stocks continue to climb. The Stoxx 600 hit a record high this week, posting nearly 10% in gains since the start of the year. Jerome Renard, Bank of America’s head of equity capital markets for the EU, expects the trend to continue as rising stock prices present favorable conditions for stake sales.