UK - A fund manager might as well flip a coin to predict exchange rate fluctuations, according to an expert witness in the Unilever vs. Merrill Lynch Investment Managers (MLIM) case. In his second day as a witness called by the pension fund in the landmark case at the High Court, Professor Allan Timmerman, an associate of the University of California, also said that the most accurate predictor of exchange rate movement was the "exchange rate today."
Ian Glick QC, acting for MLIM, is trying to ascertain how far exchange rate shifts - in particular the strengthening of Sterling against the Deutschmark during 1996 and 1997 - could account for a d...
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