European fund giants offload euro assets

Some of Europe's biggest fund managers, including Amundi and Threadneedle, are dumping euro assets amid rising fears over a possible Greek exit from the single currency.

The euro had been showing resilience, despite the eurozone turmoil, but fell suddenly this month. It has lost 5% in the past three weeks, after barely moving against the US dollar for much of the year, to hit a 22-month low at $1.2514 on Thursday, the Financial Times reports. Citigroup has warned the euro could fall close to parity in the event of a disorderly exit. Amundi, Europe's second-biggest private fund manager, and Threadneedle Investments are among those cutting their exposure to the euro in recent days, according to the FT. US-based Merk Investments, the currency speciali...