How to play the great rotation....using currencies

'You do not necessarily have to sell fixed interest to move into equities...it's certainly going to happen, though maybe not until 2014 or 2015,' he added.

Papasavvas does, however, expect a developed to emerging rotation, and in the currencies space he is keeping a close eye currencies with attractive valuations, in countries where central banks are happy to see appreciation at a steady rate.

'We broadly expect emerging markets to appreciate but at a relatively stable pace. That way, central banks will feel more comfortable with an appreciating currency,' Papasavvas said, adding that Investec likes the Brazil real, where it is overweight, but is underweight Chilean peso.

Agreeing, Insight Investment's , who co-manages the firm's fund, said he too would back the Brazilian real.

Wahl said: 'From our perspective the selling of bonds and buying of equities tends to be supportive of risk assets generally, and this tends to mean higher beta currencies do well, like commodity and emerging market currencies.

'We generally like Latin American currencies; there are a range of currencies tied to the US and Latin America is one of them,' Wahl continued, adding that among this clutch he particalarly likes the real because it stands to benefit from continued growth in America.