Don’t look to the UK’s wealth managers for any sense of clarity regarding the current state of the markets. We’re receiving very mixed signals. On the one hand, St James’s Place and Rathbones have been punished by a market nervous about the outcome of Brexit negotiations, but Brewin Dolphin has managed to report record assets under management in the financial year to September 2018 and AJ Bell has said it is seeking a market capitalisation on IPO at the upper end of analyst’s forecasts.
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