Nearly half (47%) of European fund managers believe that the bear market will end by the fourth quarter, according to a survey by Morningstar, the fund information and rating agency.

Morningstar interviewed 49 fund management groups in Denmark, Finland, France, Germany, the Netherlands, Italy, Norway, Sweden and the UK for the survey. The companies surveyed are among the largest in their respective countries, each managing an average of €55bn ($54m) in assets.