One of the world’s largest asset management companies has said investors are waiting for “monetary Godot” – a normalisation of monetary policy that will likely “never occur”.

Northern Trust, which manages more than $1 trillion in assets, announced in its latest five-year investment outlook that it is unlikely monetary policy will revert to pre-crisis levels, despite a number of central banks around the world beginning to normalise their policy stance.

“After nearly 10 years of unconventional