Aegon Asset Management UK has moved £300m out of Japanese and US equities and into UK and European equities.
The move follows a shift in global strategy that sees Aegon upgrade its view of the UK and European markets from ‘neutral’ to ‘positive’.
Alistair Byrne, head of investment strategy at Aegon, said that the company’s positive stance on equities was motivated by the positive impact of declining interest rates and attractive valuation levels.
“The US Federal Reserve has been very aggressive in cutting interest rates, and central banks everywhere have followed suit, with even the previously stubborn European Central Bank now seeing the need to reduce rates,” he said.
‘As a result we have upgraded our views on the UK and European markets, while scaling back the extent of our existing overweight positions in the US and Japan’.
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