Smith & Williamson has added BlackRock’s Gold & General fund to its managed portfolio service (MPS), as it builds in hedges against an expected inflationary spike.

James Burns, co-manager of the fund, said inflation in the medium-term is ‘likely’, and that gold would be among the largest beneficiaries.

‘The key driver of this view is the outsized impact of policy, particularly the deployment of fiscal measures on top of the monetary stimulus that has been repeatedly used over the last decade’, Burns said.