Martin Currie UK equity income manager Scott McKenzie is leaving the firm to pursue other opportunities, with Ross Watson taking over the management of his fund.
St James’s Place has been forced to issue new guidance to its partner firms after the Solicitors Regulation Authority confirmed that referrals by solicitors for investment advice can only be made to IFAs.
The FTSE 100 opened flat at 4,608 this morning but was soon lifted higher after Barclays announced £2.98bn in profits for the first six months of the year.
Defined Returns Plan Annual Kick-Out August 2009
Protected Portfolio Investment
By Ali Unwin, head of technology sector research
Apple recently announced the highest-ever recorded quarterly net profit ($18bn), with the sale of 74.4 million iPhones helping the company deliver $74.6bn of revenue for the quarter ending December 2014. These sales were largely driven by strong demand for the new iPhone 6 and iPhone 6 Plus. Highlights included Chinese iPhone sales doubling year-on-year and unit growth of 44% in the US — supposedly a well-penetrated market. Apple ended the quarter with $178bn in cash on its balance sheet, having generated a staggering $30bn in free cash flow during the quarter.
At Neptune, we have been long-term believers in the Apple story, and continue to hold the stock in a number of our portfolios based on the company’s long-term growth prospects. This is predicated on our belief that Apple has proved thus far that it can — unusually for a consumer electronics company — maintain high margins for a sustained period of time, even as adoption of new technology slows down and competitors produce similar-specification products.
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