The Morning Briefing: Concentration Risk Warning and Advisor Quilter Exit

Hello and welcome to your Morning Briefing on Monday, December 6, 2021. To receive it each morning in your inbox, click here.

Concentration risk warning

Advisors tend to overweight their clients’ portfolios in favor of growth funds, warned Marcel Bradshaw, UK retail investment manager at Orbis.

As a result, Bradshaw warned that there is a significant risk of being overweight, he said. Money Marketing.

“Over the past five years, the funds that have performed better are the growth style funds. The growth style means that the funds are more invested in the United States and in technology, ”he said.

“If you look at the advisers’ portfolios, you’ll find that they overweighted them with growth style funds because they did better.

“The problem is that there is a significant concentration risk.

Quilter director resigns

The head of Quilter Private Client Advisers, Andy Moore, has left the company following its merger with Quilter Cheviot.

Quilter Private Client Advisers is Quilter’s financial planning arm for high net worth clients.

She announced two new roles within her management team.

Tavistock transformation

Tavistock said the sale of his heritage business to Titan had “transformed the shape of the business and its outlook.”

In its latest half-year results, Tavistock said it had received the initial consideration of £ 20million from the sale of Tavistock Wealth received in August 2021.

Tavistock chief executive Brian Raven said the sale brought “immediate improvement in value” to shareholders.

He also provided the company with the firepower needed to accelerate the growth of the company through acquisitions.

Quote of the day

It is crucial that centralized exchanges – which crypto projects and investors alike use – are subject to rigorous due diligence to ensure that these types of attacks do not occur.

– Evai CEO Matthew Dixon comments on Bitmart exchange hack – one of the biggest centralized exchange hacks in history – which saw an estimated $ 196 million in crypto stolen

Statistics attack

New gender inequality research undertaken for IFS Deaton’s Inequality Review finds that there has been virtually no change in the gender pay gap in the past 25 years once that we take into account the increase in women’s education.


The average working-age woman in the UK earned 40% less than her male counterpart in 2019


The 40% the income gap is around 13 percentage points, or 25%, less than in the mid-1990s


The reduction of the pay gap over the past 25 is explained by the rapid increase in the level of education of women


Comparing the amount earned per hour between women and men in paid work reveals a gap of around 19%, down from 24% in 1995 and 20.5% in 2005

50 hours

Women of working age perform over 50 hours per month of unpaid work (including childcare and cleaning) more than their male counterparts


Adult women of working age with GSCE or younger do not work for pay. It compares to 9.5% men

Source: Institute of Tax Studies

In other news

Following 70 interviews with investment professionals from 29 asset management groups in November 2021, Square Mile Investment Consulting and Research assigned five new ratings.

The Dimensional European Value Fund and the Brown Advisory US Mid-Cap Growth Fund received an A rating, while the Federated Hermes Impact Opportunities Equity Fund and the Schroder Global Energy Transition Fund received a Positive Responsible Outlook.

In addition, the Pictet Global Environmental Opportunities fund obtained a responsible A rating. The TwentyFour Corporate Bond fund was upgraded from an A to AA rating and the Allianz Strategic Bond fund was restored with an A rating. At the same time, the FTF Franklin fund UK Equity Income retained its A rating.

Connection Capital has appointed Anas Afzal as a fund partner in its Alternative Funds team, as the appetite of private investors for access to alternative fund strategies continues to grow.

Afzal comes from Aberdeen Standard where he was a portfolio analyst in the Fixed Income team. Before that, he worked as a data scientist in a fintech start-up.

He holds an MA in Accounting and Finance from the University of Aberdeen and an MA in Financial Technology from the University of Strathcylde.

Afzal will work alongside Lorna Robertson, Head of Funds, to seek out and identify specialist fund managers who will be attractive to the company’s clients and complementary to its existing fund portfolio.

Tilney Smith & Williamson has appointed Sian Steele to the newly created role of Head of Tax Services for Private Clients.

She will play a leading role in helping to bring continued growth to the firm’s tax practice in its professional services activities.

Currently a family business consultant, NED advisor and portfolio manager, Steele was previously a senior partner at PwC, with roles both in the UK and globally.

She has extensive experience dealing with international families and their businesses, with a particular focus on the design, development and implementation of effective holistic family governance and ownership strategies.

Stonehage Fleming Investment Management has announced the launch of its Global Thematic Investor Portfolio (GTIP).

GTIP is a multi-asset portfolio that deploys capital thematically in changing secular trends.

It aims to leverage six long-term megatrends – societal advancement, automation, digital age, consumer shifts, healthcare innovation, green economy – and the multiple underlying investment themes.

GTIP investment themes are identified using a disciplined methodology that serves to objectively rank themes and assess continued appeal.

It is a concentrated portfolio for investors seeking a longer-term total return framework unconstrained by traditional regional and sector boundaries.


Malaysia not “so concerned” about capital outflows as Fed poised to cut, says finance minister (CNBC)

Costs and shortages are affecting UK economic growth prospects and Omicron could add additional risk, CBI warns (Sky News)

London Stock Exchange acquires Quantile (Reuters)

Next pandemic could be worse, warns expert (The Guardian)

Have you seen?

The general success of cryptocurrencies has opened the door to alternative forms of investment. We are in a new era of crypto millionaires with income available to invest in new products – mostly digital products.

This has led to increased popularity of NFT – a new way to vary your wealth in the digital space. If you are late to the NFT party like me, you might be wondering what this is.

Digital content manager Kimberley Dondo explains it all in her last weekend essay.

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