Investing
Lombard Odier Dumped Entire China Allocation, Won’t Buy Rebound
- CIO says bank’s tilt from China to US worked ‘tremendously’
- Swiss private bank now considering reducing US stocks
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When Michael Strobaek joined Lombard Odier as chief investment officer in November, one of his first big moves was to sell all the China stocks and bonds in its holdings managed for private clients.
“I eliminated all China assets,” said Strobaek, who instead shifted the $249 billion Swiss private bank into US equities, Treasuries and the dollar. It worked “tremendously well,” he said in an interview on Friday.