Cash makes a comeback as asset owners brace for correction

“Sell in May and go away” is one of the oldest maxims of equity market investors - the idea that it's better to consolidate your position ahead of the mid-year doldrums and return to the market fray later in the year. Signs have begun emerging this month that institutions have indeed positioned themselves to take some money off the table, as listed equities in developed and emerging markets continue to perform strongly. Research by Bank of America for the first week of May shows…