European Stock Exchanges: New markets for old
Credit Suisse Asset Management (CSAM) last month unveiled to UK investors a new hybrid product, S-CORE. This aims to combine passive stock market index-tracking with added performance through two active management approaches quite unrelated to UK equities.
It is an odd-looking beast, relying on investors’ willingness to take their core, passive stock-market exposure through derivatives rather than through the cash equity market, and to devote the bulk of their remaining funds to investment in short-dated global bonds and market-neutral US stock arbitrage.
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