Nick Train has backed the UK wealth management sector to grow substantially amid the ongoing wave of industry M&A activity, and expects listed managers held within his £2bn Finsbury Growth & Income trust to benefit from the trend.
Updating investors on Finsbury's progress in the company's June factsheet, published today (16 July), Train identified "big growth and consolidation opportunities", which are set to bolster its long-term portfolio theme of wealth management. Litigation settlement drives AssetCo's M&A strategy The trust counts Schroders and Hargreaves Lansdown in its top ten holdings, with the pair accounting for 7.9% and 5.3% of the portfolio respectively, as of 30 June. Train noted that the two firms had "underperformed" in the second quarter of 2021, with HL and Schroders up 3% and 0.4% respe...
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