Europe’s largest asset manager Amundi is reducing its exposure to US dollar assets and turning to European and emerging markets, its chief executive has said.
Valerie Baudson, whose firm has €2.4tn of assets under management, said Amundi would advise clients to shift away from the greenback over the coming year, warning that if US economic policy remains unchanged, “we will go on seeing a [weakening] of the dollar”.
“Amundi has been diversifying a lot and has been advising [clients] to diversify a lot . . . over the last 12-15 months, and is going on advising its clients to diversify their positions for the year to come,” Baudson said in an interview on Tuesday.
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