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
Play Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: change is the only constant for Quilter Cheviot

Profile: change is the only constant for Quilter Cheviot

This is not the first time we have profiled David Miller, but at the time of his previous appearance his company looked very different.

Wealth Manager on Twitter