Financial Times
December 4, 2011
London-based asset management group Evercore Pan Asset is hedging its bets big time. It has had half its assets in cash recently, chairman John Redwood told guests at a City lunch last week, “and we are wondering why we didn’t have the rest there”.
However, Mr Redwood, who is also MP for Wokingham, does see opportunities in emerging markets. The group is thinking of buying more EM exposure as it looks cheap, he said.
European shares have also come down in price, but Mr Redwood and colleagues are not tempted. “We don’t want to take the risk because there is an outside risk of a far bigger disaster.”
The least bad outcome of the eurozone crisis would be an orderly break-up of the euro, according to Mr Redwood. “But there is huge political capital invested in making it work so a rolling series of crises is likely.”
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