Reuters – Gartmore fund of funds manager Bambos Hambi told Reuters on Thursday he has removed a hedge against the dollar in some of his portfolios because he believes the greenback is unlikely toweaken significantly from here.<\/p>\n
Hambi, who runs over 450 million pounds in multi-manager portfolios, said that on Wednesday he moved his North American holdings out of the sterling share classes he has owned for almost three years and into dollar share classes.<\/p>\n
Multi-managers hold a basket of funds, often run by external managers.<\/p>\n
“A lot of speculators are trying to push the dollar lower. It seems to be a common position. It makes sense to lock in gains,” Hambi said.<\/p>\n
The dollar has fallen sharply in recent years on concerns about the swollen U.S. current account deficit and fears central banks might shift reserves into other currencies.<\/p>\n