Aegon Ethical Equity repositions for UK capex boom

Aegon's Audrey Ryan has positioned her £221m Ethical Equity fund to benefit from an anticipated increase in capital expenditure among UK businesses.

Ryan, who also manages the £46.8m UK Opportunities fund, remains negative on UK domestic earnings but says there are growing signs of increasing capex in many industries following swingeing budget cuts in 2008 and 2009. She says balance sheets are stronger and many companies have begun raising capital and generating cash again, suggesting it is only a matter of time before they begin reinvesting in equipment, recruitment and advertising. Ryan has bought B2B publisher Informa and recruitment agency Robert Walters as she believes these areas will benefit most from renewed spending. "...