Institutional investment managers were more risk averse in the second quarter of 2011 as worry over the economy increased, yet almost three-quarters were optimistic about job growth and over half expect corporate earnings to grow in the short term, according to a survey released on Monday by Northern Trust.

The quarterly survey showed that 42% of managers said they were more risk-averse in the second quarter of 2011 than they were in the first quarter when 36% said they were more risk-averse than the previous quarter. This is a trend that has been increasing since the third quarter of 2010 when 8% reported being more risk-averse than they were in the prior quarter.

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