Economy

Demeter

(85,373 posts)

12. Wells Fargo Reconsiders Russia as Putin Steps Up Terror Response

Sun Nov 22, 2015, 07:36 PM

Nov 2015

I AM SURE THE FEELING IS NOT MUTUAL...

http://www.bloomberg.com/news/articles/2015-11-22/wells-fargo-reconsiders-russia-as-putin-steps-up-terror-response

President Vladimir Putin’s move toward a more robust alliance against terrorism with the U.S. and Europe has Wells Fargo & Co.’s Brian Jacobsen considering a strategic shift of his own -- into Russian stocks.

Jacobsen, the chief portfolio strategist who helps manage $242 billion at Wells Fargo Advantage Funds, has stayed clear of Russia since 2014 amid a standoff with its former Cold War foes over the Ukraine conflict. Now he’s thinking about adopting a “mild overweight” standpoint as their foreign policies align in the fight against Islamic State.

“This could be a turning point in the relationship between Russia and the West,” Jacobsen said by phone last week. “We need some time to see how things unravel, but the timing might be right. The conflict in Ukraine abated, a decline in oil stabilized, we might see sanctions being lifted. So if you combine all these factors, we could see a good valuation opportunity.”

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