More fund managers are fleeing to the safety of cash that at any point in almost a year, as sovereign concerns in Europe and the impending end of quantitative easing in the US shift their focus to "the return of market risk".

Bank of America Merrill Lynch's latest Fund Manager Survey found that a net 18% of asset allocators are now overweight cash - the highest percentage since June 2010 and a sharp move upwards from last month's net 6%.