Amundi says it will cut exposure to US over coming year

Europe’s largest asset manager Amundi is reducing its exposure to US dollar assets and turning to European and emerging markets, its chief executive has said.

Valerie Baudson, whose firm has €2.4 trillion of assets under management, said Amundi would advise clients to shift away from the greenback over the coming year, warning that if US economic policy remains unchanged, “we will go on seeing a [weakening] of the dollar”.