#Podcast maker online sli update#

I believe it's going to be a global brand despite the rhetoric and what's happened in the last three months,' Moore explained.

'Barclays is a phenomenal, powerful machine. It has an extremely good retail banking business and a brand in Barclays Card. Contacts are telling me that things are going extremely well in the fixed income and commodities bits. People tend to think of it from an equities perspective, but it's not all about that. Analyst notes are factoring in figures like minus 20%, but I think there are pent up upgrades at Barclays. 'It's had Libor, but this is not a Barclays issue, it's a banking one. Moore sold down Astrazeneca as part of a broader restructure of his £130 million portfolio towards small and mid cap names, but believes that in contrast to cyclicals these stocks no longer justify their higher price tags.Ī more worthwhile investment may be Barclays, he said, a view which conflicts with Fidelity's Sanjeev Shah who last week said he preferred its rival Lloyds. Moreover, stocks like Astrazeneca are looking expensive and have capitulated to the wider trend of mega and large cap defensives facing earnings downgrades, despite investors continuing to pile in. However, unlike popular defensive stocks like pharmaceuticals, certain names in the banking sector should deliver despite the headwinds facing the wider industry. Moore's conviction on some financials might sit out of sync with many of his equity income peers. It is expected to tell investors that in line with its last report in May, growth in its banking division has been strong while difficult trading conditions for Winterfloods - its brokerage, platform and market making arm - dragged on the company's overall performance.Ĭlose Brothers' asset management and private client division are also thought to have made progress, with the former division nearing the end of its reconstruction process and its discretionary division managing to keep private client assets constant despite a trend for investors to reduce risk and opt for more passive options.

#Podcast maker online sli update#

While the Standard Life Equity Income Trust manager fully expects these arms of Close to thrive in the months ahead, he argued the stock's 6% yield means it does not have to add a large amount to its value to deliver for investors.Ĭlose Brothers, listed on the FTSE 250, is due to issue to the market its 12-month trading update on 25 September. 'Bank growth is coming through, it's got Winterfloods and a wealth management division,' Moore said. Speaking to Wealth Manager, Moore said that Close will benefit from the spread of its business, which encompasses brokerage and market maker Winterfloods, banking and asset management. Moore ( pictured) pointed out the banking industry is on track to be 2012's best performer in terms of growth, despite being hit by tougher regulation and bad press linked to fines and bailouts during the credit crisis. Thomas Moore, Standard Life Investments' A-rated income star, is backing Close Brothers' 'self-help' story, believing the financials stock can deliver despite the gloom hanging over the broader sector.