This is a good time to be a cynical investor - AXA IM's St John

With the FTSE All Share posting a total return of 21% last year, and the UK economy continuing to strengthen, the number of UK initial public offerings (IPOs) reached a six-year high in 2013. Some 105 companies raised £15.7bn by listing in the UK last year, with Royal Mail the most high profile. That trend has continued into 2014, but St John urged caution over the burgeoning number of issues. He suggested fund managers should be using the recent equity market dip - the All Share fell 3.1% in January - to push down the prices of new issues. "We look at IPOs with scepticism. Fund ma...