JOHCM's Beagles snaps up wealth managers

J.O. Hambro Capital Management's Clive Beagles has opened new positions in wealth managers and increased exposure to certain banks in his £2.9bn UK Equity Income fund.

The manager (pictured) added holdings in Brewin Dolphin and Investec (which has a Wealth and Investment arm) in the first half of the year, to sit alongside an existing position in Charles Stanley. Brewin Dolphin was first introduced to the fund in February, and this position was subsequently increased on share price weakness in June. Beagles said: "The lower short-term growth prospects [revealed in recent company results] should be a transitory issue. With excess capital, the business looks cheap. "Combined with Charles Stanley, the aggregate position in this consolidating area is...