MILAN, Oct 19 (Reuters) - Investor allocations to bond markets dropped to the lowest level on record in October, BofA Securities’ monthly fund manager survey showed, as pessimism on inflation and China further clouded the outlook for the global economy. “Investors are now very overweight inflation assets (i.e. commodities, banks) relative to history while at the same time very underweight assets that are vulnerable to interest rate hikes (i.e. bonds, EM, utilities),” the investment bank said on Tuesday. (Reporting by Danilo Masoni; Editing by Saikat Chatterjee and Catherine Evans)