Stewart Cowley, manager of the Old Mutual Global Strategic Bond fund, discusses why huge G6 indebtedness and negative real yields are the major concerns for investors in Europe
The decision by Standard and Poor's to downgrade the US' prized AAA-rating for the first time came as no surprise to a number of fund managers.
Old Mutual saw profits climb in the first half, driven by cost cutting measures and the performance of its South African banking arm Nedbank, while Skandia saw its profits fall by nearly a third.
Financials still under pressure from unfinished business in the eurozone and the threat of downgrade for banks