The firm, which had been overweight US equities since July last year said it has also moved Asian corporate bonds to overweight, which is in line with its view on equities in the region, with China, Indonesia and Malaysia particularly favoured markets.
In the bank’s balanced model portfolios it has almost halved its cash position to 18%, while bond allocation has been increased to 34%, equities to 40% and alternatives kept at 8%.
Didier Duret, chief investment officer of ABN AMRO Private Banking, said: "Investor confidence is progressively returning as a result of improving economic momentum, lower volatility and abating systemic risk.
"Last quarter’s spectacular rally relief has not exhausted the upside for equities, valuations are historically low and many investors remain underinvested. For equities to move higher, they need to demonstrate the inner driving forces of earnings generation and sales growth."
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