Why this European manager is overweight the UK

EUROPE

Scott Meech (pictured), co-head of pan-European equity at UBP Investment Management, explains why he is overweight the UK, and backing the European banking sector.

In the early stages of an economic recovery in Europe, it is natural to favour sectors with domestic exposure and leverage to improving market conditions. Our fund performance has already been helped by reducing emerging market exposure to fund fresh stock picks with a much more domestic bias. Nowhere in Europe has the shift in economic fortunes been as dramatic as in the UK. The August manufacturing PMI survey registered an impressive 57.2, continuing the sharp rise from a reading of only 48.6 in February. The surprising strength of this data combined with the arrival of Mark Carney ...