Recovery will be muted

John Botham, European fund manager at Henderson Global Investors, told independent financial advisers to expect little more than a muted cyclical recovery on the continent, and low returns over the next decade. Botham, speaking at the Investment Week Markets Forum, cautioned that the returns during 2002 will be less than those seen in previous recovery years, while returns in the decade to come, will be less than the 15% compound returns of the 1990s. And these lower returns will come with higher risk, he added. He said the recovery would be cyclical due to the lack of the key drivers...