The Great Rotation, the idea that there will be a big shift from bonds into equities once central banks stop injecting cash into markets around the world, has been delayed by the Federal Reserve’s decision not to taper just yet, but there is reason to doubt that it will happen at all. While the end of QE will have a profound effect on markets, the notion that everyone will respond in the same way greatly oversimplifies the situation. Global AUM’s great rotation “Our bottom-up analysis of $89 trillion of global assets under management suggests there are major structural headwinds to…