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Aberdeen raises cash holding across range

The Aberdeen multi-manager team has increased its cash weighting across its £9bn range to up to 10 per cent in response to market volatility.

Aberdeen had a 6 per cent cash weightings before the summer sell-off.

Asset management senior portfolio manager Scott Spencer says: “Cash was reduced to 1 or 2 per cent when the FTSE hit lows at 4,900. Since then, we have taken out the money we put in and the bulk of cash has been raised by further reducing Europe. Until there is a broad consensus on how problems are going to be solved in Europe and the US, we are happy to hold that cash.”

Bestinvest senior analyst Ben Seager-Scott says: “The biggest issue that we have at the moment is political uncertainty. Politicians follow political cycles, they do not always do what is best for the economy. That is the kind of uncertainty that markets dislike the most.”



James Hay links with 7IM for discretionary service

Pension provider James Hay has linked with Seven Investment Management to offer discretionary fund management on its iSipp product. Clients who use the 7IM discretionary account through the iSipp will not have to pay a set-up fee or an annual fee. However, a £50 charge will be levied for a transfer-in or to establish a […]

Cash points

ETVs may tempt many savers but it won’t be in their best interests

Top-up will still be needed to get to 60% target

The state pension and auto-enrolment will only provide savers with 45 per cent of their working income in retirement, which savers will need to top up to around 60 per cent, according to Baroness Drake. Labour peer Drake was a member of the Turner commission and the commission’s final report, in 2005, suggested the introduction […]


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