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City Financial’s Harris repositions portfolio away from sovereign debt

City Financial fund manager Mark Harris has realigned his portfolio to distance himself from sovereign fixed income markets and investment grade corporate bonds.

Harris highlights the “huge bull market” in bonds as being a factor in the lack of yield in some parts of the space.

He says: “A lot of bond markets, with inflation averaging two-three per cent, are not giving any real return – with the potential that if interest rates normalise at all then you could lose significant amounts of money.”

Harris has stripped his portfolio of sovereign or corporate fixed interest exposure and refocused his efforts.

Harris says: “We have continued to emphasise asset-backed securities in Europe, which offer compelling value and better yields. They are often overlooked and banks continue to divest in an effort to clean up their balance sheets.”

The multi-manager has added exposure within his range to the Brevin Howard Credit Catalyst fund due to its “well diversified list of names” and emphasis on asset-backed securities. 

Chase de Vere head of communications Patrick Connolly says: “It has become very difficult to achieve a decent level of income without too much risk.”



Estate agency Foxtons’ owner hires banks ahead of IPO

The owner of estate agency Foxtons has hired banks to prepare for an initial public offering on the stock market. The FT reports BC Partners, which took Foxtons private in 2007 for £360m, has lined up Credit Suisse, Numis Securities and Canaccord Genuity to run the flotation, in a deal that could raise £400m. Foxtons, […]

UK manufacturing hits 14-month high

The UK manufacturing sector saw activity rise to a 14-month high in May after benefitting from a strong improvement in the domestic market. Markit and the Chartered Institute of Purchasing & Supply’s UK manufacturing purchasing managers’ index came in at 51.3 points in May, up from 50.2 in the previous month and remaining above the […]

Steve Webb attacks Scottish Life’s consultancy charging move

Pensions minister Steve Webb has attacked Scottish Life’s decision to continue to offer consultancy charging for pre-automatic enrolment business and called on the provider to think again about the move. Speaking at a Scottish Widows event in London on Tuesday, Webb said: “We announced the ban on consultancy charging and a provider says ‘stuff you’, […]

Introducing Trevor Greetham

Ryan Medlock, Investment Proposition Manager, Royal London Royal London Asset Management’s (RLAM) new head of multi-asset is officially up and running. I want to look at what expertise Trevor brings to the table and how this affects the Governed Portfolios (GPs) and Governed Retirement Income Portfolios (GRIPs). Trevor Greetham joined RLAM in April 2015 from […]


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