German institutions slashed their equity holdings, according to a...

German institutions slashed their equity holdings, according to a Greenwich Associates study. Total average equity allocations in their portfolios fell to 19% of total assets at year-end 2001, from 27% at year-end 1999. The proportion of European stocks in the average portfolio fell to 16%, from 22% over the last two years, and the proportion of other stocks fell to 3%, from 4%. Bond allocations rose to 60% of assets, from 55% two years ago, and cash holdings rose to 9%, from 4%.