'X' marks the spot

Deutsche Bank's decision to embark on a European exchange-traded fund (ETF) business was in response to the growing trend of fund managers and other marker participants changing the way they managed their portfolios. "Five years ago, most fund managers would have said they were stock pickers and would buy the underlying stock they believed would outperform the market," says Manooj Mistry, London-based head of DB x-trackers structuring. "But people started moving more towards an asset allocation

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