Lazard AM's Custis rotates out of UK consumer-facing stocks as Brexit concerns intensify

Buying stocks with overseas exposure

Alan Custis, head of UK equities at Lazard Asset Management, has been selling out of stocks exposed to the UK economy on concerns it will come under pressure from "suffering" consumer confidence as the Brexit deadline draws nearer.

Custis has been selling domestic-facing financials on his £154m UK Omega fund, while rotating into cyclical stocks with more global exposure.   "We have been increasingly concerned about the UK economy," Custis said. "There is a lot of data out there that indicates consumer confidence is suffering. "As we roll into this year and the true challenges of negotiating our divorce from the EU become apparent to people, the consumer is starting to become concerned." Consumer confidence in the UK fell to its lowest level since the EU referendum in June 2017, declining to a reading of -10 a...