(Bloomberg) -- When Michael Strobaek joined Lombard Odier as chief investment officer in November, one of his first big moves was to sell all the China stocks and bonds in its holdings managed for private clients.

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“I eliminated all China assets,” said Strobaek, who instead shifted the $249 billion Swiss private bank into US equities, Treasuries and the dollar. It worked “tremendously well,” he said in an interview on Friday.

Even after a recent stimulus blitz by Chinese authorities that lifted the nation’s benchmark index last week to its biggest gain since 2008, Strobaek has no regrets.

The bank’s China holding was about 6% of its strategic asset allocation, which determines how client funds are split between stocks, bonds and other assets. It is now zero, Strobaek said. Lombard Odier has total assets under management of 209 billion Swiss francs, of which the majority is private clients, while the asset management unit has about 63 billion francs.

The comments underscore the divisions among investors around whether stimulus unleashed last week by China is the start of a broader rebound. Billionaire investor David Tepper said he is buying more of “everything” related to China, after Beijing’s measures exceeded expectations. Stephen Jen of Eurizon SLJ Capital said a “serious rally’ in Chinese stocks is possible, in a report to clients on Friday.

Strobaek, a Dane who joined Lombard Odier from Credit Suisse last year, isn’t convinced.

“I don’t think it will have a lasting sustainable impact on either the stock market or the economy,” he said of the stimulus. “It’s a short term measure to boost some sentiment. And quite frankly when the government gets engaged in capital markets in any material way, I normally see that as not a good sign.”

While Strobaek has fielded questions on how clients can use last week’s rebound, his investment staff have been advising clients to participate at arm’s length - through Hong Kong stocks or equities related to Chinese exports.

Having made gains on US stocks this year, he’s now considering a pullback given how high valuations have become.

“Our next moves will be to begin really reducing US equities, and move more outside the US, including emerging markets,” he said. “Excluding China.”

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