Donald Trump’s “unpredictable” policies have prompted bond giant Pimco to diversify away from US assets, as Wall Street frets over the long-term consequences of the president’s attacks on the Federal Reserve.
Dan Ivascyn, chief investment officer of Pimco, told the FT that the $2.2tn fund manager was “diversifying” its portfolios as it contends with the US president’s rapidly changing policies, which have caused flare-ups in market volatility.
“It’s important to appreciate that this is an administration that’s quite unpredictable,” Ivascyn said. “What are we doing about that? We’re diversifying . . . We do think we’re in a multiyear period of some diversification away from US assets.”
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