Fund managers more cautious on equities, says HSBC

The substantial run-up in stock prices this year appears to have taken its toll on the outlook for equities markets among asset managers, as they turn to less risky investments, according to HSBC's quarterly fund manager survey. That's a switch back from the sentiment reported in the bank's previous poll in September, when optimism had shifted towards equities. Over half of fund managers polled (56%) in the survey published yesterday hold a positive view on bonds in the fourth quarte…