The wealth management unit of ABN Amro, which manages EUR155 billion for clients, started buying equities following the announcement by European Central Bank (ECB) president Mario Draghi regarding the unlimited asset-purchase program.
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From July to October 2010, ABN Amro had held more of the region’s stocks than are represented in global benchmarks.
In a telephonic interview to Bloomberg, Didier Duret, chief investment officer of ABN Amro Private Banking said, "There is a huge incentive to put money to work. The market has to recognize that the institutional problems of Europe will be tackled. From an investment perspective, it is very important to start to look at the end game."
Bloomberg report added that since the money manager bought European stocks, the benchmark Stoxx Europe 600 Index (SXXP) has climbed 1.2% to touch a 15-month high, boosted by a third round of quantitative easing by the Federal Reserve.
The purchases included financial shares and have sent ABN Amro’s total asset allocation in equities to overweight, pushing its holdings in US stocks to underweight.
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