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Where are European fund managers investing? Not in Europe…

European Bank

How much faith must you have in your country if you start liquidating all of you investments in that country? This reason is exactly why Europeans should be concerned as European fund managers are cashing out most of their European assets. This has been as a result of managers fearing Greece’s exit of the Eurozone and the Euros quick depreciation. Financial Times reports:

“The euro’s sudden fall this month caught many investors by surprise. Europe’s single currency has lost 5 per cent in the past three weeks after barely moving against the US dollar for much of the year. On Thursday, the euro hit a fresh 22-month low at $1.2514.

Amundi, Europe’s second-biggest private fund manager, and Threadneedle Investments, the big UK manager, have cut their exposure to the euro in recent days as frustration grows with political leaders’ efforts to resolve the crisis .

US-based Merk Investments, the currency specialists, has cut all of its euro holdings in its flagship fund this month.

‘We sold our last euro on May 15,’ said Axel Merk, chief investment officer. ‘We’re concerned about how dysfunctional the process is. No one is there to talk to in Greece.’

Amundi, which manages money for some of the continent’s biggest pension funds and companies, said the risk of the crisis spreading to the bigger economies of Spain and Italy was growing because policy makers had failed to convince investors it had built a sufficient firewall.

Other big fund managers fear the likelihood of a so-called ‘Grexit’, in the event of Athens leaving the euro, has risen sharply in the past week.”

Continue to the full article…


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