Jupiter's de Blonay: Are banks the last bastion of value?

FINANCIALS

Guy de Blonay, manager of the Jupiter Financial Opportunities fund, explains how the current environment of cheap financing should allow structural growth themes to flourish.

After almost half a decade of quantitative easing, the US Federal Reserve now has over $3.3trn of assets on its balance sheet. At the end of 2007 the figure was less than $900bn. Similar buying sprees have taken place in Europe and the UK, pushing government bond yields to historic lows. Japan is now following suit, but is operating on an even greater scale than its international counterparts. The Bank of Japan aims to double the country’s monetary base in two years through regular purchases of Japanese government bonds. This may scare corporations into shedding cash and investing in ...