Old Mutual Asset Managers' Richard Watts is set to invest 10% in secondary listings and AIM stocks to take advantage of the area's strong growth prospects.
Watts, running the £900m UK Select Mid Cap fund, has a remit to invest 80% in the FTSE Mid 250 (ex Investment Trusts) and the remaining 20% in non-benchmarked stocks. At present this 20% is invested in stocks which have recently been promoted from the FTSE 250 to the FTSE 100, as well as IPOs which are set to enter the FTSE 250. However, Watts is now investing in a broader range of off-benchmark stocks as he has identified ideas in both secondary listings and the AIM market. “We have always had the latitude to go into the secondary and AIM markets but have never done so, but now we...
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