Concern over Spain and France persuaded fund managers to drawn in their horns in April, following the conspicuously bullish start to the year, according to the monthly survey of fund managers from Bank of America Merrill Lynch.

The percentage of fund managers who were overweight in cash was up to 24% from 6% in March. Fewer fund managers, meanwhile, had appetite for equities, with only 26% overweight in the riskier asset class compared with 33% in March.