Global investors have significantly pared back U.S. equity allocations as belief grows that the U.S. Federal Reserve will raise rates in the second quarter, according to the BofA Merrill Lynch Fund Manager Survey for March.

Dividends are a key driver of performance when real interest rates are low; European equity dividends are the most attractive internationally Norway and Spain offer the highest dividend yields, with German shares in the midfield

Fitch Ratings says in a new report that active multi-asset managers will be under pressure to demonstrate their dynamic asset allocation skills in 2015. Few flexible multi-asset funds managed to fulfil their objectives last year.

Global investors are significantly more positive on the outlook for Europe after the European Central Bank's announcement of quantitative easing to reflate the region's economy, according to the BofA Merrill Lynch Fund Manager Survey for February.

Global institutional pension fund assets in the 16 major markets grew by over 6% during 2014 (compared to around 10% in 2013) to reach a new high of US$36 trillion, according to Towers Watson's Global Pension Assets Study released today.