UBS Wealth cuts allocation to U.S., UK stocks

April 24, 2015 7:27 AM

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UBS Wealth cuts allocation to U.S., UK stocks

LONDON (Reuters) - UBS Wealth Management, the world's biggest wealth manager, has cut its positions in U.S. and UK stocks, betting that euro zone shares offer the best value and growth prospects, the firm's chief investment officer said in a note to clients.

The firm cut its tactical allocation to U.S. stocks to the lowest in three years at "neutral" from "overweight" while initiating an "underweight" on UK stocks.

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