Multi-asset managers cut UK exposure on 2015 election fears

Multi-asset managers are reducing their UK equity positions on fears next May's general election could hit sterling and weigh on valuations.

They are concerned the election of another coalition government could cause investors to sell down their UK holdings on fears about an uncertain political landscape. Last month, M&G's head of retail fixed interest, Jim Leaviss, warned sterling could suffer in the event UKIP wins a substantial number of votes in the upcoming election, as various polls revealed the party has gained more support than expected. Kames Capital's head of multi-asset investing Scott Jamieson added it will be hard for investors to anticipate the consequences of the next election. "Markets at the moment are ...