Bullish sentiment toward equities has shifted from Europe to America and Japan, according to a BoA Merrill Lynch fund manager survey.

The March 5-11 survey, which was headed by the Bank of America and Merrill Lynch’s research division, along with market research company TNS, recorded responses from a total of 207 fund managers for the global survey and roughly 165 managers for the regional questionnaire. The results found that U.S equities skyrocketed 18 percentage points to 19%, and Japan jumped 10 points. European equities, albeit its high 21% commitment, jumped only two points.

Collectively, the global survey, which docketed answers from firms that manage more than $589 billion, show 40% of fund mangers support shifting from Europe.

"Investors' concerns about Greece are easing, but European country risk remains a key constraint to optimism over economic recovery," said Gary Baker, head of European Equities strategy at BofA Merrill Lynch.

Michael Hartnett, BofA Merrill Lynch research's chief global equities strategist, added that investors appear to be moving into corporate risk "via equities" rather than sovereign risk.

While respondents have put inflation concerns and rate hikes "on ice," European and U.S. managers showed bearish attitude towards economic growth in their country's financial marketplace over the next 12 months. Europe optimism dropped 27 points to 45% and U.S. hit 43%, marking a 33% drop, the release said.

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