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Top fund selectors: Don't mess with Draghi

Top fund selectors: Don't mess with Draghi

BERLIN: ECB President Mario Draghi is the best man for the job and should be allowed to continue his efforts to haul get the eurozone back on track, according to leading fund selectors.

In response to a delegate survey at Citywire Berlin 2012, 83% of respondents said the former Goldman Sachs man should be allowed to keep doing what he is doing.

This was in response to a question on who was best to lead to ECB at this time. There was a smattering of support for former chief economist Jurgen Stark to be handed the reins, with 12% of voters backing him to takeover.

Meanwhile, a minority view, shared by 5% of fund selectors quizzed, said Draghi’s predecessor in the ECB hot seat, Jean-Claude Trichet, should be reinstated.

The strong support shown for Draghi comes in the same week veteran French investor Edouard Carmignac published an open letter in support of the measures undertaken by Draghi since assuming the ECB role late last year.

Carmignac had previously been publically critical of Trichet.

Elsewhere in the voting at Berlin, Federal Reserve chairman Ben Bernanke was narrowly crowned the most important decision maker in the world.

Bernanke received 42% of the vote, while German Chancellor Angela Merkel was backed by 32% of attendees and 26% voted in favour of the leader of China’s Communist Party, Xi Jingping.

At an asset level, selectors appeared most bullish on European equities, with 38% stating this is the equity sector most likely to prove a positive surprise in the coming year.

This optimism for European equities has been a recurrent theme at recent Citywire events, with delegates at both Citywire Italy and Citywire Switzerland also backing this sector to outperform.

Elsewhere in the Berlin voting, 22% professed support  for emerging market equities, while US and Asian equities received 15% of the vote each.

Meanwhile, in fixed income, despite 40% of respondents stating they had invested in high yield bonds over the past 12 months, only 24% said this is where they were most positive for the coming year.

This was beaten by emerging market debt (34%) and convertible bonds (26%) as the bond classes favoured by investment professionals.

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