Switch That's Bad News for Shares ; City Comment
Summary
IT WAS reported on Christmas Eve - so not a lot of people noticed - that Britannic Assurance had switched its entire employee pension scheme from equities into bonds, a move reminiscent of that by Boots a few years ago.
This time last year, Britannic had 67% of its Pounds 1.1 billion scheme assets invested in British and foreign shares. Today all those equities, worth Pounds 757 million, have been sold.See the full content of this document
Extract
Switch That's Bad News for Shares ; City Comment
The fund is now 85% invested in Government and corporate bonds and 15% in property.
It is a significant move on several counts. First, the business of ins...See the full content of this document