Politics & Regulation

Old Mutual manager reduces European exposure


The possibility that Greece might exit the euro has resulted in Simon Murphy reducing the net exposure of the Old Mutual UK Opportunities Fund down to zero.

Murphy, a fund manager at Old Mutual Asset Managers, says it is likely to stay that way until the Greek elections next month (June 2012). The gross exposure of the fund is 140%.

He says: “We don’t know if Greeks will vote to stay or leave the euro and there is continuing uncertainty surrounding whether the country will stay in the eurozone.

“Also if they do leave we don’t also know if its departure