Professional Wealth Managementt

By PWM Editor

“In April, following a manager review we sold our holdings in the Invesco Perpetual High Income Fund. While we have a lot of respect for the manager, we believe the number of mandates and assets is simply too large. The manager is responsible for some 19 billion GBP across numerous mandates and retail funds. In addition to this, we were looking to reduce our allocation to UK equities. We believe the outlook for the UK economy is negative (high debt levels, falling house prices, high dependence on financial services) and that better opportunities exist elsewhere.”

 

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