One of Britains fastest growing wealth managers has switched millions of pounds of savers Isa money abroad Nutmeg, one of Britains fastest growing wealth managers, has moved £50m of savings held by individual investors away from the UK, to minimise the impact of a No vote in the Scottish referendum. The three-year-old firm, which targets savers who don’t want to make their own investment decisions, uses baskets of “tracker” funds, whose constituents vary according to the degree of risk that savers are comfortable with. In most of these baskets, the company has switched money from funds that invest in Britain to equivalents that own American shares. Nutmeg, which claims to have outperformed the average for comparable funds, acted late last week when the polls showed the gap between the “yes” and “no” camps shrinking. “We carried out these switches when we saw the gap closing to dangerously low levels,” Nick Hungerford, the founder and chief executive of Nutmeg, told Telegraph Money. He added: “There are two key phenomena that will affect portfolios. First, a yes vote will lead to weakness in sterling, which will negatively impact returns from assets that are denominated in this currency. Second, an independent Scotland would require operational changes for many UK companies. These, when they occur, will cause a negative productivity shock, with medium sized firms likely the worst hit. Does this not worry ppl that money is already being moved out of Scotland
Posted on: Wed, 10 Sep 2014 08:30:24 +0000
Trending Topics
Recently Viewed Topics
© 2015