City Financial's Leigh Himsworth has sold out of Brooks Macdonald and switched into Ashcourt Rowan, following a run up in the price of shares in the former which has left them at 'expensive' levels.
Himsworth, running the City Financial's £45m UK Select Opportunities fund, said both stocks had enjoyed strong share price returns over the past year, gaining 16.5% and 17.1% respectively. Wealth managers have been one of the best performing sub-sectors of the market over the last 12 months. However, having climbed sharply, Himsworth said Ashcourt Rowan has greater scope for a further share price re-rating, amid a restructure of the business by chief executive Jonathan Polin. Earlier this month the wealth manager announced a loss of £2.5m in the 12 months to April as the group cont...
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