AXA IM's Forbes-Wilson: M&A boom is over

2014 was a great era for merger and acquisitions, but managers expecting another bonanza year should think again - M&A activity will likely be more subdued next year, says AXA Framlington's Jamie Forbes-Wilson.

Having generally enjoyed positive market performance over four of the past five years, UK equity investors have had a tougher time eking out real returns from equities in 2014. Opportunities have presented themselves throughout the year and, as ever, timing has been crucial. To have been unconsensually defensive entering the new year and then again in March, June and September would have helped significantly in out-performing the FTSE All-Share index. However for traditional long-only, long-term investors employing a strategy that could capture performance from these dips would seem imp...