Jupiter Merlin team: 'Garlic belt' default still a possibility

Jupiter's Merlin multi-manager team, led by CIO John Chatfeild-Roberts, have refused to rule out the possibility of a default by a nation in "the garlic belt" of Mediterranean countries.

In a conference call for investors, Chatfeild-Roberts’ co-manager Algy Smith-Maxwell (pictured) said the potential for a euro member default still exists, despite strenuous efforts from leaders to keep the eurozone together. “Only seven to eight countries in the world today have ever defaulted on their debt, and are in very good shape today. But you should never say never – Lehmans showed nothing is impossible on the world stage,” he said. Looking across the spectrum of asset classes, Smith-Maxwell said perceived ‘risk-free’ assets are “horrendously expensive”, with the 10-year UK gil...