Multi-asset managers have started reinvesting their high cash positions, with many topping up European exposure as Greece finally reaches a new deal with its creditors.
The latest Fund Manager Survey from Bank of America Merrill Lynch showed cash holdings jumped to their highest levels since the Lehman crisis in the first week of July. But as markets retreated, investors have found more attractive entry points to begin deploying some of the high cash levels they have been sitting on for the past few months. Ben Willis, head of research at Whitechurch Securities, reinvested around 5% held in cash back into the UK market, topping up existing fund holdings after the FTSE 100 dropped back towards 6,500 earlier in the month. "We have two UK funds we wa...
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