Caution as market re-opens

When the US financial markets re-open, many North America fund managers will move to position their portfolios in the wake of last week's events. Some firms may not be able or willing to dramatically alter portfolio weightings as communication and computer problems are expected to continue for some time. Gary Dugan, global equity strategist for JP Morgan Fleming, said that as some 70% of middle office exchanges were destroyed in the terrorist attacks, it makes determining stock positions, the number of shares owned and cash positions in portfolios more difficult. While secondary systems...