Fidelity's Alex Wright has boosted exposure to banks as consolidation in the wealth management sector sees opportunities to invest there dry up.
Wright (pictured), who runs the £2.8bn Fidelity Special Situations fund, the £517m Special Values trust, and the £260m UK Smaller Companies fund, said he has turned to banks including HSBC and Lloyds to increase his financials exposure as there are only two wealth managers left which he views as investment options - Brewin Dolphin and Rathbones. The manager currently holds 4.3% of Special Values in wealth manager Brewin Dolphin and 2.6% of UK Smaller Companies, which was recently reopened for investment after two years of soft-closure. Brewin is his third-largest holding in both funds. ...
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