In 1996, UK-based fund managers were becoming more optimistic on the outlook for the UK equity marke...
In 1996, UK-based fund managers were becoming more optimistic on the outlook for the UK equity market and were reducing their cash holdings. The Merrill Lynch/Gallup survey of UK fund managers showed that on a year view, the balance of bulls minus bears was 32% against 20% for the previous month. This resulted in the balance of fund managers looking to reduce exposure to UK equities falling to 3% from 21% in July 1996. Meanwhile, Foreign & Colonial was shutting down its mainstream UK unit trust sales operation to concentrate on marketing specialist funds. The company did not believe i...
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