SCOTTISH Equitable Asset Management (SEAM) has switched #150m from equities into cash but it still believes that European
markets could be ''modestly higher'' than at present at the end of 1998.
SEAM has had one of the lightest cash weightings in the first quarter, with only 4% of its #4500m Mixed Fund and 2% of its #600m Global Fund in cash compared with the average pension fund's 6% to 7%. SEAM is neutral on the US market, negative on Japan, and most positive on Europe.
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