Trustnet Magazine 57 December 2019 | Page 8

Cover story
Story
Rob Burdett, co-head of multi-manager
at BMO Asset Management, says: “As it
stands, there isn’t a single UK gilt that
would deliver a return above inflation
if held to redemption.” The bond
market appears to be testing the
‘greater fool’ theory.
In spite of good performance
by markets over 2019, investors
continued to withdraw money and
most of the industry saw outflows
for the year. This was partly a legacy
of poor performance in 2018, and
partly due to the uncertain economic
climate. However, there is no doubt
that the problems of the UK’s
highest profile investment manager
contributed to the general unease.
Decline and fall
The collapse of Woodford Investment
Management presented the industry
in an uncomfortable light, even if
the circumstances of the failure were
unique. The story has been well-told,
Smaller companies have
never had significant
analyst coverage and the
new rules have left them
even more neglected
TRUSTNET
8 / 9
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