Biggest money manager keeps faith in the pound

BlackRock is rebranding or adjusting investment strategies on about 11 percent of its $275 billion active stock fund business, putting a greater emphasis on technology-driven investing approaches in the largest set of sweeping changes for the business since transformational mergers that allowed it to grow to manage more than $5 trillion in assets.

LONDON: As the UK starts the process of leaving the European Union, the world’s largest money manager isn’t giving up on the pound. And it’s not alone.

BlackRock Inc, which reduced some of its exposure to sterling ahead of the triggering of Article 50, is still marginally long as an expected slowdown of the UK economy hasn’t materialised. The fund had eliminated its exposure to the pound ahead of the UK referendum on the EU last year. Morgan Stanley and UBS Wealth Management are also recommending that investors buy the currency.