On behalf of Jupiter, CoreData Research questioned 159 discretionary fund managers, wealth managers and investment focused financial advisers during January and February to compile the Jupiter Wealth Manager Index survey. The participants have a collective $2 trillion under management.
Some 70% of those questioned said Brexit is a concern for them, while more than 50% said a slowdown in global economic growth and geopolitical uncertainty concerned them.
On the positive side of things over 50% said they believe the UK banking sector is under-priced by the market at the moment.
Other notable findings included a preference for mid-caps over small and large cap stocks among the participants, and close to 60% saying they do not expect an interest rate rise in the UK before the second quarter of 2017.
Published for the first time, the Jupiter Wealth Manager Index tracks overall wealth manager sentiment on a scale of -20 to +20.
This first edition found investment professionals taking part exhibited ‘weak positive sentiment’ on the prospects for the UK market, with a reading of just +2, Jupiter said.
On a sector-by-sector basis, there was some consensus that the consumer goods and services sectors are likely to have a good year. The healthcare sector is another sector that wealth managers favour, recognising its “classic defensive qualities.”
“It is precisely when markets are at their most volatile or risky that the active manager comes into his or her own," said Nick Ring, global head of distribution at Jupiter. "As some of our most important clients, wealth managers recognise our expertise in this area and look to our range of funds to provide investors with solutions in these uncertain times.”
The full report on the survey can be read here