Investor allocation to equities relative to bonds has dropped to its lowest level since the global financial crisis as worries about a recession take hold, according to Bank of America’s global fund manager survey. In the most bearish survey of this year — the first after banking turmoil roiled markets last month — investors indicated that fears of a credit crunch had driven up bond allocation to a net 10 per cent overweight — the highest since March 2009. A net 63 per cent of participants now expect a weaker economy, the most pessimistic reading since December 2022. In April,...