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Credit Suisse adds to cash position after market rally

Credit Suisse co-head of multi-manager Aidan Kearney says the team has been slowly adding to its cash positions following the recent rally in markets.

Kearney says the team has been taking advantage of the good days and that the market may soon have to price in what is going on in the real economy.

He says: “Many funds have made big returns since the rally began at the start of March but there are still issues such as why the Bank of England will not release the stress tests on the banks. Unemployment, deflation and quantitative easing are also hanging over the economy.”

The team, which is set to move across to Aberdeen in the summer, now has cash positions in the region of 10 per cent across the funds within its 730m fund range and Kearney says the UK may well be the place to invest that money in the future.

“When you look at the UK there are major problems like political leadership and a poor currency but it can be argued that Europe and the US are in worse shape.”

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