Cash makes up an average 5.3% of fund manager portfolios, the highest level since January 2009,...

|By:, SA News Editor

Cash makes up an average 5.3% of fund manager portfolios, the highest level since January 2009, finds a BAML survey. "Hopes expressed last month of a (Fed) policy response have now become expectations," says BAML's Michael Hartnett of the worried survey respondents (a majority believe monetary policy is "too restrictive").