Managers turn upbeat on global growth

Fund managers have increased exposure to emerging market equities on the back of a sharply improved outlook for global growth and inflation. Global asset allocators made the biggest month-on-month revision to growth expectations for three years, with eight of 10 investors expecting the European Central Bank to launch QE3 before the end of this year, finds the latest Bank of America-Merrill Lynch fund manager survey. A net 15% of the 173 panellists in the global survey believe th…