Cazenove

Cazenove's head of multi-manager Marcus Brookes has increased the cash weighting in his £467m Multi-Manager Diversity fund of funds, and bolstered its exposure to managers uncorrelated to mainstream markets.

Pressure is mounting on absolute return managers to deliver what they promised investors - returns in all market conditions - as funds posted losses in the past year.

George Osborne is taking a "severe risk" in putting the onus on taxpayers to reduce the £155bn deficit, according to Cazenove.

Gartmore head of multi-management Tony Lanning has added the BlackRock European Dynamic fund to his portfolios, reducing his long-term underweight in the region.

GOSLING'S GROUSE

Paul Marriage's Cazenove Absolute UK Dynamic fund saw performance hit last month when his hedge fund was met with heavy redemptions. Both the retail fund and the hedge fund hold many of the same positions.

The FTSE 100's correction from its recent April peak is likely to continue to October and wipe a further 10% off the index's value, Cazenove technical strategist Robin Griffiths believes.

Docherty and Dean turn attention to names including Babcock, Sage and Experian

Cazenove's Julie Dean is bringing the UK Dynamic portfolio she inherited last month from Neil Pegrum into line with her large-cap biased UK Opportunities ahead of a merger of the funds.

Fund Intelligence investment director Chris Mayo has cut his weighting to Neil Woodford's High Income fund because of concerns over the UK economy.