MARKETS SPECTATOR: Market mirage

Westpac's Advance Investment solutions is shifting money out of stocks, saying the market's recent rally lacks the fundamental strength to continue.

Advance Investment Solutions, the asset management business of Westpac that manages about $18 billion, has shifted money from stocks to alternate investment funds such as hedge and credit funds because the fund manager believes “it is unlikely the market can continue at these levels.”

“The market is simply a yield-driven play,” Advance Asset Management head Patrick Farrell says. “It’s not a sustainable outcome unless the economy and the top line revenue growth for companies improves.”

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