Investors are moving their money out of equities and into cash in anticipation of a Greek default and a Federal Reserve rate rise this year, with record numbers taking out protection against a fall in equity markets this summer.
Global fund managers increased the amount of cash in their portfolios from 4.5 per cent last month to 4.9 per cent in June, the highest level since January and a six-year high for European fund managers, according to a Bank of America Merrill Lynch survey.
The survey highlights fears that Greece will default on its debts, with a majority of more than 150 fund managers surveyed expecting a default and only 43 per cent expecting a positive resolution to the crisis.
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