US small cap specialist takes positions in Jupiter and Ashmore

Whitney George, who oversees $30bn at US small-cap specialist Royce, has taken a position in Jupiter on the view asset managers will thrive as the developed world looks to increase savings.

George, the co-CIO of the New York-based Legg Mason affiliate, says the US and many developed world economies have been too reliant on domestic consumption, which will need to be reined back after the era of over-leverage. "It is going to be a sluggish domestic sector over the next few years as people accept they need to save more. Consumer related stocks are going to be hurt over the next few years," George says. "But this will have a positive impact on asset management companies for example. The reason we like Jupiter is because it is at a low valuation not normally seen in a good c...