Fund managers are the most bullish about global equities in more than three-and-a-half years as global stock markets continue to edge higher. Confidence is growing that monetary policy is working, says a fund manager survey.

Appetite for global equities is at its highest point since July 2007, according to the Bank of America-Merrill Lynch monthly fund manager survey, with a net 55% of respondents saying they hold more than their relevant benchmark in global equities.