Bond managers face an increasingly thankless task in the current market but it doesn’t pay to pile into equities as a result, according to Reyl Singapore’s Daryl Liew.

Liew, who is head of portfolio management in the Swiss group’s Asia arm, said he has reduced equity allocations to an underweight ahead of a potentially testing macro market in June.

Elsewhere, Liew also explains how he has played the transition from a focus on China and North Asian markets to unlock emerging opportunities in the South East Asia region.