Equity markets are not looking healthy and are reminiscent of the period leading up to the global financial crash of 2008, one investment manager told CNBC Wednesday.

According to Peter Toogood, the chief investment officer at financial advisory firm Embark Group, the fact that many investors are still buying stocks after last week's sell-off is a worrying sign.

When asked if he would be buying anything at this point, he said: "Not really, to be honest, not a lot. It's going to be one of those markets where you're going to, I suspect, get a bear market and it's going to be the reality of how far does it go down before (next Federal Reserve Chair Jerome) Powell and co reverse QT (quantitative tightening) and start saying OK we need to be the supportive mechanism again."

Global markets traded higher with U.S. stocks posting a three-day winning streak Tuesday, following the market correction seen last week. This showed that money managers remain confident on the equity market despite recent volatility. Stocks have benefited from years of ultra-loose monetary policy across the world.

However, given the improvements in the global economy, central banks have begun reversing their accommodative programs, with the Fed expected to increase interest rates at least three times this year. Higher interest rates affect companies' borrowing costs and can ultimately make their shares less attractive to investors.