Risk off is off, but risk on is not yet on, say fund managers

Investors have piled back into emerging market equities and out of cash amid improved liquidity conditions and rising global growth expectations, finds the BoA Merrill fund manager survey. A net 44% of respondents report an overweight allocation to emerging market equities in the monthly survey carried out from February 3 to 9, up from 20% in January. This is the second biggest month-on-month jump in the poll’s history and the highest level since December 2010. Overall, global a…