Nearly half of those surveyed at the conference said that bonds are best for income, an increasingly popular strategy in the current uncertain economic climate. Just fewer than 40 per cent said that they use bonds that can be converted into shares at times of uncertainty due to their income potential and lower sensitivity to market volatility.

At the same time, one third believe that equities will be the key asset class in the next half-year period, compared with a quarter who placed their faith in bonds. The second most popular choice for the next six months was multi-asset, favoured by 29 per cent.

On the macro-economic picture, six out ten said that they think the number of countries in the eurozone will be the same at the end of the year.

The survey included roughly 100 intermediary clients from Europe, the Middle East and Latin America.

The increased importance of income was recently reflected last week in a survey by Aviva Investors which showed that 83 per cent of real estate managers believe clients have become more focused on income. The corresponding figure for equity managers was 71 per cent, and 67 per cent for fixed income managers. The survey included 200 fund managers.