PIMCO urges clients to cut euro exposure

PIMCO, the world's largest bond fund manager, is telling its clients to diversify out of euros and into EM currencies, according to Reuters.

The group's head of European foreign exchange and portfolio manager, Thomas Kressin, reportedly said investors in Europe needed to protect themselves and their future purchasing power by cutting their exposure to the euro. He said: "As a European investor from France or Germany that has his base currency in the euro, when you don't know how the eurozone will look in five years, some kind of self-preservation is required to protect your purchasing power." Kressin, who is responsible for managing approximately $15.2 billion in assets, was interviewed in Munich on Wednesday. He advised c...