Asset Management
Major Fund Houses Turn More Bullish On Equities - HSBC Poll
Global fund managers are looking to shift into equities from
bonds in the third quarter of this year, according to a survey of
14 fund
management companies by
HSBC.
The survey found that 40 per cent of respondents are
overweight equities for the third quarter, compared with 25 per
cent taking an
overweight stance in the previous three months. Only 10 per cent
of fund managers
held bearish views on equities for Q3, down from 25 per cent in
Q2, the survey
found.
Some 56 per cent of fund managers are neutral on cash in the
third quarter, reflecting a relatively optimistic market outlook.
“The survey shows an improvement in investment sentiment
across global fund managers. With fears of a distintegration of
Europe’s currency union somewhat abated, fund managers
are starting to see opportunities in equities based on
valuation,” Vineet
Vohra, HSBC’s regional head of wealth development, Asia-Pacific.
By contrast, global fund managers surveyed by Bank of
America Merrill Lynch in early June were at their most downbeat
on the
prospects for the global economy since December last year, taking
an emphatically low-risk asset allocation.
The HSBC survey found that seven out of 10 fund managers
were bullish on North American equities; fund managers also
turned more
positive on Asia.
The fund managers in the survey were: AllianceBernstein,
Allianz Global Investors; Baring Asset Management; BlackRock;
Eastspring
Investments; Fidelity Investment Management; Franklin Templeton
Investments;
HSBC Global Asset Management; Invesco Asset Management; Investec
Asset
Management, JP Morgan Asset Management, PIMCO, Schroders
Investment Management,
and Société Générale.
