Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Woolnough: expect ‘redistribution of wealth’ in independent Scotland

Woolnough: expect ‘redistribution of wealth’ in independent Scotland

Richard Woolnough, manager of the M&G Optimal Income fund, expects politics north and south of the border to shift dramatically if Scotland votes for independence.

‘It has big political implications in terms of if there was an independent Scotland, then obviously one could see that would be quite a traditionally – if you look back through previous voting patterns – socially aware state, where fairness would be seen to be maybe about redistribution of wealth, as it has traditionally been more of a left-wing nation,’ argued Woolnough (pictured).

‘In the UK, if that area left then obviously the likelihood of there being more of a right-wing libertarian-type conservative regime persisting in England, Wales and Northern Ireland would increase.’

Woolnough added that independence would disrupt financial markets, with a particular impact on the banking sector.

‘As the market is not pricing it in, you would expect there to be an increase in risk premia and volatility,’ he said.

‘It depends what you end up with. It’s a very interesting debate and it’s obviously up to people living in Scotland to decide what they want to do.’

Woolnough concluded: ‘I am not sure how it all works out, but hopefully it will all be done amicably.’

The Citywire A-rated manager has returned 29.3% over the past three years through his £22.3 billion fund, a top-quartile performance in his Sterling Strategic Bond sector where the peer-group average is 23%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter