Britons keep wealth managers busy

Flexible, defensive funds in vogue after Brexit, fund firm says

Britons are saving and investing more money with wealth managers as they prepare for an uncertain future following the country’s vote to leave the European Union.

St James’ Place, Rathbone Brothers, Brewin Dolphin and Jupiter Fund Management, which all rely largely on British customers, said yesterday they had seen net inflows into their savings and investment products. Alongside the uncertainty sparked by last month’s “Brexit” vote, investors are worried about the strength of the global economy, and particularly slowing growth in China, as well as the impact of massive central bank monetary policy easing.

SJP, which sells a range of retirement and other saving services, said it had seen a record second quarter for net inflows, up 25 per cent year on year, and was on course to meet its growth targets. “Our stated objective is to grow the business between 15 and 20 per cent per annum and since the 24th of June, our business has continued very much in line with those medium-term objectives,” Bellamy said on a call after the firm’s forecastbeating results.

Fellow wealth manager Brewin, meanwhile, said total funds under management had risen 2.1 per cent in its third quarter to £33.5 billion (Dh161 billion) as it took in an extra £100 million, while Rathbone’s total funds rose 4.8 per cent in the first half to £30.6 billion, helped by inflows of £259 million.

Asset manager Jupiter, which sells stock and bond funds, said it had seen funds under management rise 4 per cent in the first half. UAE 22 ct Gold/10g Sensex (IN)