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Europe’s Biggest Fund Managers Set for Face-Off on How to Trade the Pound

(Bloomberg) Some of Europe’s biggest fund managers are set for a face-off on how best to trade the U.K.’s first potential interest-rate increase in a decade. Allianz Global Investors GmBH is looking to fade any rally in the pound or a slump in gilts, betting the Bank of England won’t signal further policy tightening given lingering economic and political risks. Fidelity International has a similar view, while Aberdeen Standard Investments sees scope for more than one increase and prefers to maintain a long position in sterling against the euro.

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