Conrad Holmboe

Clive Beagles and I have just published a new article (link below) - A shrinking market brings short-term gains but longer-term pains. The UK stock market is a like a melting 'ice lolly' disappearing via M&A (active again today and this week - IDS, Hipgnosis Song Management, T Clarke), buybacks (again active this week - Severfield and Vistry Group) and companies exiting the UK market (e.g. Flutter). We quantify this triangle of 'de-equitisation' in the article. Charles Hall at Peel Hunt has done some excellent work on some of these themes.   In the short to medium term this should be positive for stock market returns due to earnings and dividend accretion from buybacks and premia from M&A.   In the longer term it is negative for employment, the UK market, tax take and GDP. We need politicians to see this is an urgent issue - and pull some of the levers we and others have identified and which we touch on in the article. Over to Rt Hon Rachel Reeves MP / Jeremy Hunt........... #de-equitisation #UKequities #JOHCM

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Aspen has chosen EV’s risk rating methodology to enhance their portfolio risk mapping for financial planners. This collaboration helps financial planners deliver more precise portfolio recommendations aligned with client timeframes and risk profiles. Our methodology delivers: ▪️ Time-horizon focussed risk assessment ▪️ Evaluation of both growth and income risk ▪️ Comprehensive UK fund coverage through FE fundinfo ▪️ Customisable risk scales for different planning needs Financial planners deliver better outcomes using EV risk ratings. #FinancialPlanning #RiskManagement #WealthTech

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Warning: The following represents my own view and not necessarily those of GHC Capital Markets Limited John Stepek’s report into Jeremy Hunt’s comments on interest rate cuts pre-election make for depressing reading if to be believed. However, the good news is that (honestly) it’s not down to him but the Bank of England and the wonderfully independent MPC (note - please read that sentence with a tone of sarcasm in mind!). https://lnkd.in/eeaqR5WF Looking for some positive news, it’s hard off to Jim Anderson who feels that strongly, he has set up the following regarding #tax and #inflation, which at the moment it hasn’t got any traction. I for one have signed. Triple lock for pensions should be matched with the same for personal tax allowances IMO. How do we pay for it you ask? My answer for a start would be to cut waste by reducing the size of our overbloated UK Civil Service and UK government - put simply spend our money more wisely! Successive The Conservative Party and The Labour Party (with a bit of Liberal Democrat’s thrown in) Governments have failed us. I work in #financialservices and am embarrassed at the failure of the system put in place supposedly to protect us. I’m not the only one - with a march taking place today as to the lack of openness and challenge, supported by the Transparency Task Force. Other views welcome if done respectfully! ✊✌️🇬🇧👍🕊️ #stealthtax #petitiongovernment #fairness #justice #regulation #transparency #honesty #socialmedia https://lnkd.in/eGiS-u22

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Driving good outcomes. Underpin your centralised propositions with institutional-quality investment research. 📚 Pick multi-asset solutions ⚖️ Select discretionary MPS 🔧 Or build your own solutions Dynamic Planner. Helping you match people with suitable solutions, through engaging financial planning. https://hubs.ly/Q02ByBM20

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“Money doesnt recognise geography” This is a session hosted by national and international #investors at #climb24 We have over 200 investors from all over the world coming to find great businesses to invest in - and none of them care where they are based I am never going to complain about more money being invested in the region but #founders need to get their businesses in a shape to compete for investment on a national and international level The UK is the 3rd largest country for VC so we do have money on our doorstep Equally with our partners Department for Business and Trade we will be talking about how both funds and businesses can access international investment The challenge i think is that often businesses in the north just dont know what is available and how to access it Join us at climb24 on 5th and 6th june to lean - honestly everything you need is on your doorstep!!! And a ticket is less than the price of a train to london and a hell if a lot more fun !!!! UBS British Business Bank Innovate UK Innovate UK Knowledge Transfer Partnerships Department for Business and Trade VeUP Barclays Eagle Labs Squire Patton Boggs Lloyds Banking Group Mishcon de Reya LLP West Yorkshire Combined Authority Leeds City Council South Yorkshire Mayoral Combined Authority Nexus Leeds Leeds Digital Bobble AI Bionow GreenTech Gathering EHE Ventures Sure Valley Ventures Balderton Capital Beringea Eka Ventures Redrice Ventures Newlab Fuel Ventures 🚀 IQ Capital Albion Capital Group LLP YFM Equity Partners Foresight Group Equity Gap Par Equity River Capital Development Bank of Wales Oxx MERCIA INVESTMENTS LIMITED Maven Capital Partners Teampact.ventures Start Codon

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ZEDRA Governance Client Director, Sam Burden, discussed improvements needed in pension schemes, the recent pensions bill, and strategies for better financial decision-making at retirement in a recent interview with Asset TV UK as part of their 'Trustee Talk' series. You can watch the interview below. https://loom.ly/GgkzlbU #ProfessionalTrustees #UKPensions #PensionsBill

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Celebrating 10 years of the abrdn MPS range, designed to suit a range of investment styles and risk appetites. Discover more. Capital at risk. https://ow.ly/kH8e50Urz9e

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New analysis reveals that £5bn in UK-focused pension investments has lagged behind simple tracker funds by over 20%. The study found that 9 out of 10 UK pension funds underperformed a FTSE All-Share tracker over the last decade. Additionally, nearly 75% of the 208 funds surveyed fell short by at least 10%, with over a third underperforming by more than 20%. Are your pension investments meeting your expectations? Read more about it here: https://on.ft.com/4bWtuHB #WatermarkWealthManagement #FinancialPlanning #LifePlanning #WealthManagement #FinancialFreedom #FinancialPlanner #Finance #Investing #BusinessPlanning #Entrepreneur #MoneyManagement #FinancialInnovation #PensionStrategies #PensionFunds #UKInvestments

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Our latest Fund Manager webinar will be with Michael J. Kelly, CFA, Global Head of Multi-Asset at PineBridge Investments which features in the ‘Balanced Managed Fund’, part of our Managed Funds Portfolio. PineBridge is a global asset management firm, specialising in active, high-conviction investments. They manage a wide range of strategies across developed and emerging markets, including both traditional and alternative asset classes. 📅 Thursday 18 July 2024 ⏰ Time: 12:30 – 13:30 📍 Location: Zoom Webinar 📈 Speakers: Michael Kelly, Global Head of Multi-Asset, PineBridge Investments This is an exciting opportunity to hear insights on our current financial landscape and what to expect from global markets in the near future. The value of an investment with St. James's Place will be directly linked to the performance of the funds you select, and the value can therefore go down as well as up. You may get back less than you invested. To book your place click the link click the link in the comments section. #MeetTheFundManager #InvestmentStrategies #Financialplanning Pentelow Wealth Management is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) The ‘St. James's Place Partnership' and the titles ‘Partner' and ‘Partner Practice' are marketing terms used to describe St. James's Place representatives. Pentelow Wealth Management is a trading name of The Pentelow Practice Ltd.

‘Mega funds’ ! 🚀 Chancellor’s plans for the "biggest pension reform in decades" which has the potential to be a game-changer for UK pension savers, economic growth and investment. 🚀 Tonight in her Mansion House speech Rt Hon Rachel Reeves will announce that her pension reforms will create new ‘mega funds’ - by consulting on consolidating DC schemes into a minimum size and acceleration of Local Government Pensions Scheme pooling. Scale, concentration of expertise and diversification are the key to term growth and delivering significant benefits for UK pension savers - https://lnkd.in/eWFV8Pig Today, 97% of pension capital invested in UK-led #venturecapital and #privateequity are from outside the UK—only 3% is UK pension savers’ money. These reforms are a vital step towards reversing that trend and securing UK-led growth for UK investors. Reacting to the announcement, BVCA Chief Executive Michael Moore said: “These reforms are a hugely welcome sign that the Government intends to take important long- term decisions to boost investment and growth. “A minimum size threshold for Defined Contribution pension schemes will be a welcome move that allows UK pension savers to enjoy the benefits of scale needed to support better governance, investment expertise and the diversification of their portfolios. “Larger, consolidated pension schemes have greater opportunity to invest in higher growth assets, like private capital funds that drive investment into exciting UK businesses whilst delivering strong-returns for pension savers. So, moving quickly from consultation to concrete proposals and implementation will be key. “We strongly support greater, more effective pooling in the Local Government Pension Scheme. This should be a key source of capital for fast growing businesses and start-ups. It is also right that there should be provision to ensure that the LGPS can invest more in growing the UK’s regional economies.”

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While the news from the US election has dominated media coverage in the UK, the repercussions of the 30 October 2024 budget are still being felt in the markets. The accompanying OBR report - published in the wake of the Chancellor's commons speech on - contained some potentially worrying analysis for the UK's macroeconomic performance. One rather shocking assessment by the OBR was that the planned £350bn of additional government spending (34% capital spending and 66% operating spending) would generate no additional growth over the 5-year forecast horizon. Why? The main answer to this is on page 8 of the executive summary (see below). Between the March forecast and October the UK's output gap has diminished considerably - a massive red light warning for the UK economy. The output gap is the potential for additional growth in an economy - mainstream theory assumes that fiscal expansion can have a positive effect on growth if the output capacity of the economy is higher than current performance, with any additional spend generating more growth due to a multiplier effect as the additional funds circulate through the real economy. The UK's output capacity however is so low that the OBR estimates the trend growth rate is now only 1.5% - versus just over 2% as the postwar average. In short - the UK's ability to make and produce things of value is lower now than it was even 12 months ago. Because of this Labour's fiscal plans - which do not improve the output potential of the economy until 2032 at the earliest - do not boost growth at all but are expected to increase inflation and therefore interest rates over the rest of the parliament. The reception of the markets to the October budget has been mixed, with gilt yields increasing since the budget to 4% to 4.5% as investors demand a higher return for letting the UK borrow. Rachel Reeves will be praying that the OBR's model is wrong or the UK will be looking at another potential 'lost decade' for economic growth.

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A new UK "National Wealth Fund" has been widely cheered. But: “At first look, the proposed institutional set-up of the National Wealth Fund ... does not feel very convincing." Pleased to contribute some initial - more sceptical - reaction to the IPE Real Assets piece by Richard Lowe. There are other issues beyond governance, management and implementation. - The £7.3bn of additional funding from the Treasury over 5 years does not seem to be particularly ambitious - it amounts to less than 0.1% of GDP per year. Small stuff compared to the chronic under-investment problem of the UK. - Nor does the envisaged public capital multiplier of 3 times for "unlocking" private capital - much lower than, e.g., for investment plans by the EU and European Investment Bank (EIB). - The "concierge service" to foreign investors: What additional investable projects can the UK government realistically offer? #infrastructure #UKinfrastructure #nationalwealthfund #ukinvestment #greeninvestment #greeninfrastructure

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Using data from FE fundinfo, Portfolio Adviser shines a spotlight on the funds across different sectors that are smaller than £200m in size but have achieved top-quartile three-year returns relative to their average peer. This month, Lauren Hardy looks at IA Global Emerging Markets https://lnkd.in/e2Miqgqk #PAmagazine #EmergingMarkets #FundManagement

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10 misconceptions (or misunderstandings) At P1 Investment Services we hear misconceptions about us from advice firms, research providers and industry commentators, so I thought it might help to correct a few of them (with horrific use of emojis): 1. P1 are just an investment manager. 💸 We're a discretionary investment manager, but we also provide the P1 Platform (https://lnkd.in/g9VhTfa), operate our Hosted Investment Manager Service (https://lnkd.in/eFPEriss), and provide technology (https://lnkd.in/dGvMMMKT and https://lnkd.in/ed7z5T44). 2. P1 are just an investment platform. 🚉 See above! 3. If you use the P1 Platform, you have to use P1's investment management services. 🤸‍♂️ Not at all! You can operate: - Bespoke advised portfolios - Advisory model portfolios - And... see number 4 below. 4. There aren't any other DFMs available through the P1 Platform. 👓 We've got a range of fantastic DFMs available through the platform, including: - Sparrows Capital Limited - 8AM Global Limited - Tatton Investment Management Limited - EQ Investors I B Corp - Copia Capital Management - Binary Capital - Dark Star Asset Management - And soon to launch, PortfolioMetrix, and we'll add new DFMs as demand dictates. We also support independent investment managers through our Hosted Investment Management Service, including: - Elston Consulting - Corrival Capital Management - Pangea Impact Investments | B Corp™ - Five Horizons - And Kieran Follis Chartered MCSI Magellan Research & Investment 6. P1 is too small 🐭 We currently have over £2bn in assets under influence across our investment management services and the P1 Platform, currently growing between £50m-£100m per month. 7. P1 hasn't been around for very long 👶 🍼 We were first authorised in Q4 2016, launched our DFM services in 2017, and officially launched the P1 Platform in 2020. 9. The P1 Platform is an 'adviser-as-platform' model 🕴 We work closely with Seccl who are the custodian for the P1 Platform and they offer an adviser-as-platform service (for financial advice firms to have their own investment platform). P1 is not a financial advice firm. We're a platform provider, investment manager, and technology provider focused on supporting advisers and their clients. 10. Not many advice firms have used the P1 Platform. Best quote “We’re going to let other mugs try it first. Things like ... P1 – I hear good stories, but until there’s big money on there, we’re not going to risk it.” Chartered financial planner, small advisory arm of accountancy practice (Platforum UK Adviser Platforms: Market Overview March 2024). 🍺 🍵 👉 There are currently 114 advice firms using the P1 Platform, with one new advice firm being added each week. So the mugs 🍻 have tried us, and they seem to like it! 'The P1 Platform remains at the top of the Leaderboard, increasing its score by 0.95 since Q3 2023 (Platforum UK Adviser Platforms: Market Overview March 2024).' 🎉 Come and get to know us! 🥂

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Read the latest Smooth Managed Fund update to discover July's top 3 investment trends, SMF performance and the market outlook from the Aviva Investors Multi-Asset Team: https://lnkd.in/eRMh4HUd #AvivaSmoothManagedFund

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🎙️ Tune into the latest episode of the Fund Selectors podcast! Lucy Walker sits down with Ryan Hughes, Investments Director at AJ Bell They dig into: 💡 How asset managers must evolve 💡 Starting at AJ Bell from scratch 💡 The role of culture This episode is packed full of advice for fund selectors and asset managers 🔥 "𝙏𝙝𝙚 𝙢𝙖𝙧𝙠𝙚𝙩 𝙞𝙨 𝙗𝙧𝙞𝙡𝙡𝙞𝙖𝙣𝙩 𝙗𝙚𝙘𝙖𝙪𝙨𝙚 𝙩𝙝𝙚 𝙢𝙤𝙢𝙚𝙣𝙩 𝙮𝙤𝙪 𝙩𝙝𝙞𝙣𝙠 𝙮𝙤𝙪’𝙫𝙚 𝙣𝙖𝙞𝙡𝙚𝙙 𝙞𝙩 𝙧𝙚𝙢𝙞𝙣𝙙𝙨 𝙮𝙤𝙪 𝙩𝙝𝙖𝙩 𝙮𝙤𝙪 𝙝𝙖𝙫𝙚𝙣’𝙩" Available now on your favourite podcast platform 🎧 #fundresearch #activemanagement #podcast

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Understanding what megafunds threshold actually means. #pensionsinvestmentreview #pensionplanning #pensionconsolidation https://lnkd.in/etMvv9N8

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