The great rotation of 2013: Global managers pile in to equities

Managers around the globe have upped their exposure to equities in what Bank of America Merrill Lynch analysts dubbed the 'great rotation' of 2013.

The group's latest survey of major fund managers around the globe - who in total run $754bn of assets - revealed asset allocators are now investing the highest amounts of their portfolios in equities since February 2011, with a net 51% of investors overweight the asset class. Managers' confidence in the global economy has also reached its most positive level since April 2010, according to the survey. As well as snapping up equities, the survey found managers were cutting cash holdings. The average fund manager now has 3.8% in cash, down from 4.2% in December. Bank of America Merril...