Third of UK wealth managers opting for 'correction protection'

Survey by Legg Mason

A third of the UK's leading wealth managers have said they are holding overweight cash positions across client portfolios in anticipation of a market correction, a survey by Legg Mason Global Asset Management has found.

Following a year in which UK and global asset classes have made significant progress, wealth managers are increasingly concerned the market has got ahead of itself. As a result, a third of wealth managers (32%), who collectively manage in excess of £100bn, said they are holding cash across client portfolios to protect against a correction. Vanguard CEO McNabb warns of impending correction But whilst ensuring they have some level of protection, wealth managers overall remain positive when it comes to their overall attitude to risk. In total, 39% said they were somewhat optimistic...