Chris Higham, bond fund manager at Aviva Investors, has argued the market is overly focused on interest rate movements, and investors should look more closely at other policy decisions.
Property managers have begun putting their funds' high cash positions into the market following a surge of inflows into the sector.
Fund managers reveal currency plays
Aviva has said it expects its acquisition of rival Friends Life to generate extra revenue of £600m over the next two years, including and cost savings for the company of £225m.
The cost of launching new fund ranges and boosting distribution left Aviva Investors with flat performance in 2014, as the firm said its wider turnaround is far from completion.
The Financial Conduct Authority (FCA) has fined Aviva Investors £17.6m for failings in how it managed conflicts of interest.
Are you positioned for rate rises or cuts this year?
Ian Aylward has cut Aviva Investors' multi-manager exposure to US equities to an underweight position for the first time since 2011, fearing the stocks are deeply over valued.