The majority of global fund managers polled are taking an overweight view on assets in fast growing regions such as the emerging markets overall and Asia-Pacific ex-Japan in the last quarter this year, said HSBC in its latest fund managers' survey released on Thursday.

Seventy-five percent fund managers had overweight views on equities of Asia Pacific excluding Japan, up from 44 percent in the third quarter, and also 75 percent on emerging markets equities, up from 67 percent.

As for asset allocation, half of fund managers continued to hold an overweight view on equities while 57 percent were underweight on cash.

No fund manager was overweight on bonds in the fourth quarter, compared with 13 percent last quarter.

It showed improved confidence in the overall economic outlook as fund managers turned underweight towards cash, said Bruno Lee, HSBC's Regional Head of Wealth Management Asia Pacific.

Despite continued market uncertainty and volatility, appetite for equities remained strong but selective toward regions of higher growth, he said.

Lee expected that the focus on the stronger economies of Asia like Greater China and the emerging markets will continue through to the beginning of 2011 as growth in developed markets remained lackluster.

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