Managers preferring UK investment to European

Fund of fund managers are preferring the UK to Europe because of the former's continued defensive characteristics in an uncertain economic environment. Richard Philbin, fund of funds manager at Isis Asset Management, says that the UK is further along in terms of economic recovery than Europe and is much less reliant on higher growth industries. He adds: 'If you think the economy is going to race away this year then Europe should be where to invest, while the UK is a much better defensive bet.' With global companies such as BP and GlaxoSmithKline in the UK index, Philbin believes that ...