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The Asset Managers Tackling the Stigma of Mental Health in the Workplace

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The Asset Managers Tackling the Stigma of Mental Health in the Workplace INVESTMENTAT THE HEART OF INVESTMENT SINCE 1995 investmentweek.co.uk WEEK 11 March 2019 THIS WEEK Analysis Managers target digital payment stocks as move to cashless society accelerates page 3 News Investment20/20 programme boosts industry with more than 1,000 recruits since launch page 6 Cryptocurrencies Will Russia replace reserve currency with Bitcoin? page 22 Active Investing Square Mile’s Jason Broomer shifts back into UK active funds after ‘fighting a losing battle’ page 28 Leader Helping female millennials with their financial futures page 30 Opinion The myths and misunderstandings behind active share page 31 The asset managers tackling the stigma of mental health in the workplace: pages 14-16 2 Contents Analysis 3 News 7 The Bigger Picture 14 Leader 30 Managers target digital payment Seilern IM’s founder plots The asset managers tackling Helping female millennials with stocks as move to cashless expansion to wholesale market. the stigma of mental health in their financial futures. society accelerates. The Week in Investment 8 the workplace. Opinion 31 Analysis 5 What did you miss? All the key Diversity 20 Seneca IM’s Peter Elston: The Is a much-needed turnaround news from across the industry Part two of top tips for women myths and misunderstandings on the cards for Woodford in and our data dashboard. breaking into investment. behind active share. 2019? Wealth Management 10 Cryptocurrencies 22 Bulls and Bears 32 News 6 Three investment themes to Will Russia replace reserve Eight fund managers present Investment20/20 programme weather ‘short-term noise’. currency with Bitcoin? the bull and bear case for global boosts industry with more than US 12 UK 28 asset classes. 1,000 recruits since launch. Where next for US equity Square Mile’s Jason Broomer Statistics 36 valuations? shifts back into UK active funds Unit trusts, OEICs and after ‘fighting a losing battle’. investment trusts. Our Global Select hunters’ diverse strategy helps them to skirt storms. S A N Y P I L O T will tell you, four – are highly selective in their approach. Hunting engines are better than two. Get only the ‘best of breed’. Yet they also believe in A trouble in one – or even two – and diversifying, holding as many as 60 stocks at any there are still enough to carry you home. A similar one time, with no one stock making up more philosophy informs our Global Select hunters’ than 3% of the portfolio. Some might see this as strategy. As the name suggests, the trio – Simon a defensive mindset, but in the hunters’ view it’s Edelsten, Alex Illingworth and Rosanna Burcheri simply enhancing the balance between risk and Since return. Enabling them to maintain a high active Performance (%) launch† 5 years 3 years Artemis Global Select 137.5 79.5 47.9 share in the face of localised squalls. The overall Benchmark 118.1 70.9 50.7 result has been top quartile Profi ts bagged since Sector Average 101.4 59.3 45.7 launch. Further proof, if proof be needed, that Quartile 1 1 2 spreading the risk pays. In the long haul. Risk/return ratio vs peers 1st decile 1st decile 2nd quartile †Since launch data from 16 June 2011. Source: Lipper Limited, class I GBP accumulation units, mid to mid in sterling to 28 February 2019. From 4 February 2019, this fund changed from a dual- priced to single-priced basis; historic performance is unaffected. All fi gures show total returns with dividends reinvested. Benchmark is MSCI AC World NR GBP. Sector is IA Global NR. A www.artemisfunds.com/globalselect [email protected] 0800 092 2090 THIS INFORMATION IS FOR PROFESSIONAL ADVISERS ONLY AND SHOULD NOT BE RELIED UPON BY RETAIL INVESTORS. The fund is an authorised unit trust scheme. For further information, visit www.artemisfunds.com/unittrusts. Third parties (including FTSE and Morningstar) whose data may be included in this document do not accept any liability for errors or omissions. For information, visit artemisfunds.com/third-party-data. Third party endorsements are not a recommendation to buy. For further information visit www.artemisfunds.com/endorsements. Issued by Artemis Fund Managers Ltd which is authorised and regulated by the Financial Conduct Authority. For your protection calls are usually recorded. investmentweek.co.uk 11 March 2019 Visit investmentweek.co.uk In the latest episode of the Top Down podcast Octopus Analysis 3 Investments CEO Ruth Handcock joins Jayna Rana and Mike Sheen to talk about gender diversity and how to promote more women into senior positions within the asset management industry Managers target digital payment stocks as move to cashless society accelerates By Mike Sheen The transition to a cashless society are underinvested in.” However, Phelps does invest in Twitter: @michaeljsheen banking software firm Temenos, The move towards a cashless which works with bank back- society has driven portfolio office systems to prepare them for managers into electronic payment a digital world. infrastructure and emerging Global equities analyst at World average ratio of fintech names, while some are ³9.6% currency in circulation vs GDP Sarasin & Partners Rolando predicting the trend will lead to Rodrigues also has concerns for the terminal decline of poorly- the consumer banking sector, prepared traditional developed which will “eventually move market banks. World average number of cards almost all business online”. The annual Access to Cash ³2 held by individuals He said: “Those banks with big Review, published last week, consumer businesses and scale revealed cash is now only used for will be the winners. a third of transactions in the UK, “Those that do not have the down from almost two-thirds a Most cash transactions: money to invest because they are decade ago, and forecast to fall as ³14% South Korea small, or do not have the revenue low as one tenth of transactions base to spread the fixed cost of within the next 15 years. a new IT system or consumer Similarly, a recent GlobalData interface, will be the losers.” survey showed a reduction of 37% Cash payments as a proportion of Rodrigues added Sarasin also has in the total amount of cash spent ³33% UK transactions “a big holding” in payment rail firm in the UK from 2012 to 2017, with Mastercard, which he explained the firm predicting a further 35% “has endless economies of scale decline by 2022. because the cost of one additional While the UK is by far the largest traction is zero”. user of digital payments in Europe, He added: “As it grows, it will according to comparison website increase not only its revenues, Merchant Machine, this is a global but also its margin. It is the phenomenon. According to perfect investment because share China’s Ministry of Industry and appreciation will occur both Information Technology, mobile because of higher earnings and payment transactions in the because of a re-rating of the stock, country reached a record $12.8trn which we expect to continue.” from January to October 2018. Mastercard’s share price is up Similarly, the impact of almost 150% over five years to 5 demonetisation in India has led March, while Visa is up by more to the rapid expansion of digital Source: G4S 2018 Cash Report, Access to Cash Review 2019 than 160% over the same period. payments in the country. Manager of the AXA such as Visa and Mastercard where European equivalents Worldpay Limited listed opportunities Framlington FinTech fund revenues are driven by growth in and Ingenico. However, the potential to invest Vincent Vinatier explained there volume of digital payments. In addition, while Phelps’ in the transition to a cashless are three main drivers in building Vinatier said: “Visa is one of the Concentrated Global Growth society is limited by the number a cashless society. companies at the centre of this strategy does not invest in of companies profiting from the Firstly, the demographic profile of because it provides the payment developed market banks for a change that are available to the a market, with younger populations rails that people and firms, plethora of reasons, he believes average investor, according to accelerating the trend. Secondly, including some of the newer the move towards a cashless co-fund manager of the Merian infrastructure, which is particularly and more advanced companies, society will be detrimental to Chrysalis investment trust relevant in many emerging are using.” many banks in the longer term. Nick Williamson. markets, where traditional banking In addition, the fund is investing He explained: “Technology He said: “While there have infrastructure such as ATMs have in payment solutions firms continues to change the nature of been a number of payment been “bypassed”, he said. like Worldline, which provide the business, but these firms have processors listed in the UK, there Finally, political will, with specialised IT systems for retailers a lot of legacy systems that means, are currently few of any scale countries “trying to increase their and other sectors, he explained. while profitable, they are very to choose from, with Worldpay tax take, while reducing the amount slow to change. perhaps the most obvious. of money going into the informal Danger for banks? “If they do not change, the “Given London’s fintech economy, which is really helped by Similarly, CIO of concentrated new fintech firms will come pedigree, this could be said to be moving to digital transactions”. global growth at AllianceBernstein and eat their lunch, particularly somewhat disappointing. In efforts to benefit from the Mark Phelps is also invested in on more profitable business. global transition from cash, payment rails Mastercard and They will be left with the less Vinatier allocates to ‘payment rails’ Visa, and has historically owned profitable business, which they Continued on page five 11 March 2019 investmentweek.co.uk Markets Never Stand Still.
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