Lombard Odier Dumped Entire China Allocation, Won't Buy Rebound [Yahoo! Finance Canada]
INTESA SANPAOLO S/ADR (ISNPY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg “I eliminated all China assets,” said Strobaek, who instead shifted the $249 billion Swiss private bank into US equities, Treasuries and the dollar. It worked “tremendously well,” he said in an interview on Friday. Even after a recent stimulus blitz by Chinese authorities that lifted the nation's benchmark index last week to its biggest gain since 2008, Strobaek has no regrets. The bank's China holding was about 6% of its strategic asset allocation, which determines how client funds are split between stocks, bonds and other assets. It is now zero, Strobaek said. Lombard Odier has total assets under management of 209 billion Swiss francs, of which the majority is private clients, while the asset management unit has about 63 billion francs. The comments underscore the divisions among investors around whether stimulus unleashed last week by China is the start of a broader rebound. Billionaire investor David Tepper said he is buying more of “everything” r
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