Europe’s largest asset manager plans to reduce US exposure

- $2.4T AUM

- Diversifying away from the US over the last 12 month

- Will continue to do so

- Part of a broader move by global asset managers

The reasons:

- Significant FX volatility

- Unpredictable US policy

For the US, this is existential.

Selling pressure on US equities and USTs raises funding costs while weaker markets reduce tax revenues, worsening an already large deficit.

Expect more aggressive measures from Trump and higher volatility.

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