Aberdeen multi-managers slash cash weightings

Aberdeen's multi-managers have cut cash weightings in their portfolios by as much as two-thirds in anticipation of an improved economic environment.

Graham Duce, co-head of multi-manager at the group, said the £48m Multi Manager Balanced Managed portfolio has seen cash weightings fall from 9% in April to 3%. The the flagship £288m Multi Manager Cautious Managed portfolio has a cash weighting of 4.5%, down from 7% at the start of the second quarter. "We had cash weightings at 7%-9% across our portfolios until recently, in the belief markets would not go up in a straight line, but we have deployed some of that money latterly. There has been an opportunity to buy in a period of softness," Duce said. The team has this week started ...