Pictet's Cole readies multi-asset fund for next election by slashing property holdings

Corbyn-win could hit UK property

Pictet Asset Management's Andrew Cole has cut his exposure to UK commercial property in the multi-asset portfolio as he fears a Labour win at the next General Election, which he deems an even greater concern than Brexit.

Senior multi-asset manager Cole, who joined Pictet from Barings in 2014 with colleagues Percival Stanion and Shaniel Ramjee, said he was concerned about how the UK would fare under Labour leader Jeremy Corbyn.  I am more worried about the next General Election than I am about Brexit," Cole said. "We don't know when it will be but I think it will follow the Brexit deal as Jeremy Corbyn won't want to deal with Brexit, it's a poisoned challice. "We have also cut our exposure to UK commercial property from 7% before the General Election to 1.5% because if Corbyn is elected then Labour wil...