In the past year, Asian investing gained favor with institutional investors in continental Europe, while the attraction to the United States dropped slightly, according to a survey by Greenwich Associates, Greenwich, Conn.
The average continental European institution in the survey invested $92 million in Southeast Asia - up from $55 million in 1993. The average Australian portfolio rose to $22 million from $12 million a year earlier.
Japanese holdings averaged $230 million in 1994, up from $208 million in 1993, while U.S. investments dipped $1 million this year to an average of $257 million.
The average size of European portfolios rose to $1 billion - up from $900 million the year before. Of the $1 billion, 43% is invested in non-domestic shares.
For U.K. institutions, the average size of Asian portfolios, excluding Japan, rose to 300 million ($474 million) in 1994 from 225 million ($355.5 million) in 1993, "with the average in emerging Asian markets nearly doubling," according to Greenwich.
Greenwich Associates' survey is based on interviews with senior brokerage executives of 927 of the largest investing institutions in Europe and the United Kingdom.