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A survey of 150 UK investment advisers conducted at the JPMorgan Asset Management (JPMAM) Investment Summit 2008 revealed that 51 per cent now favour the US. This compared to emerging markets (25 per cent), Japan (18 per cent) and Europe (6 per cent).

The figure is also a vast difference to sentiment as year ago, when just 10 per cent of IFAs said they favoured the US, compared to 61 per cent who opted for emerging markets.

Jasper Berens, head of UK retail sales for JPMAM, said: "Last year it was clear that the downturn in America was having a knock on effect and dragging the rest of the world into economic crisis.

"However now it seems that, just as the US was the first to fall into recession, so too will it be the first to recover."

In fact, almost a third (29 per cent) of advisers claim that, despite short term growth and performance figures for US equities remaining bleak, they believe that the US equity market has probably already bottomed.

However, this compares with 40 per cent who feel it has probably not hit rock bottom yet. A further fifth (19 per cent) believe the market has definitely not seen the bottom of the cycle.

Jasper Berens, head of UK retail sales for JPMAM, said: "Last year it was clear that the downturn in America was having a knock on effect and dragging the rest of the world into economic crisis. However now it seems that, just as the US was the first to fall into recession, so too will it be the first to recover."

Berens added: "Whether this is the bottom of the cycle or not, IFAs are right to be looking to the US equity market. Bear markets typically bottom well before a recession ends and so, with valuations so low, there are currently some great buying opportunities.

"The might of US large caps might just be enough to offer UK investors some much needed rest bite and returns going into 2009."

Meanwhile, nearly 40 per cent of IFAs admitted that they would be looking to increase their portfolio exposure to equities over the next six months.

Thirty-nine per cent said they would opt for the asset class ahead of fixed income (38 per cent). A further 14 per cent said they would select alternatives, while just 14 per cent would opt for cash.

In the fixed income space, the survey also revealed that 60 per cent of IFAs believed that global high yield bonds would deliver the best returns in the near future, with corporate bonds taking 28 per cent and cash receiving just 7 per cent.