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In common with other countries in the central and southern region of Eur-ope, there isn't a great deal of choice within the Greek domestic mutual fund industry. In Greece, the fiscal stimulus has mostly been in favour of money market and fixed interest funds, although with the impressive rises re-cently seen in the Athens Index, boosted by a developing privatisation programme, there has been growing interest in equity funds.

For institutions wanting to gain some exposure to Greece, the best op-portunities are offshore. Us-ing Forsyth Partners' Em-erging Europe review as a guide, those regional offshore funds with the highest weighting in Greece include Aberdeen Prolific's Frontier Markets Fund (13.3%), Baring Eastern Europe (17.5%), Fleming Emerging Europe (21%), Credit Lyonnais European Emerging Equity (23%), Morgan Grenfell European Emerging Markets (30%) and State Street Eur-ope Emergente (20%).

Valerie Bureau of Credit Lyonnais favours southern European markets as they present less risk than the markets of eastern Europe. And despite the Greek market's rise recently, she feels that it continues to be a EU convergence play, as real interest rates remain high and there is scope for them to fall over the long term. Indeed the falling interest rate trend has en-couraged other regional specialists to significantly in-crease their Greek weightings. Christopher Turner at Morgan Grenfell has boosted his portfolio of Greek stocks from 18% to 30% since January in response to this interest rate scenario.

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  • QN-2548

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 300-400m.
    Closing date: 2019-07-30.

  • QN-2549

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 300-700m.
    Closing date: 2019-07-30.

  • QN-2550

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2551

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2552

    Asset class: Fixed Income, High Yield (Active).
    Asset region: High Yield (US).
    Size: CHF 500-600m.
    Closing date: 2019-07-29.

  • QN-2553

    Asset class: Fixed Income, High Yield (Passive or Passive Enhanced).
    Asset region: High Yield (US).
    Size: CHF 500-1'100m.
    Closing date: 2019-07-29.

  • QN-2554

    Asset class: Global Real Estate (Equity, unlisted Funds).
    Asset region: World (ex-Switzerland).
    Size: CHF 200 mn (potential for further growth).
    Closing date: 2019-08-07.

  • QN-2555

    Asset class: Real Estate.
    Asset region: European.
    Size: EUR 50 - 100 million.
    Closing date: 2019-07-22.

  • QN-2556

    Asset class: FX Hedging.
    Asset region: Global.
    Size: Mandate size of CHF 1.5 bn.
    Closing date: 2019-08-09.

  • QN-2557

    Asset class: All/large Cap Equities.
    Asset region: China A-shares.
    Size: Unit linked platform (0m USD in initial investment).
    Closing date: 2019-08-01.

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