A host of asset and wealth managers have been downgraded by investment bank Liberum as analysts predict the groups will suffer as market volatility remains a "key feature" of 2016.
The note, put together by financials analysts Justin Bates and Daryl Smith, said in light of the market rout so far this year it has downgraded the target price on Aberdeen, Brewin Dolphin, Brooks Macdonald, Hargreaves Lansdown, Jupiter, Man Group and Schroders. However, it has not revised its ‘buy' or ‘hold' recommendations, with none of the groups being recommended as a ‘sell'. The forecasts, target prices and recommendations are based on the FTSE 100 finishing 2016 at 6,000 The note said: "We have downgraded most of the asset and wealth managers in light of the Q1 2016 market rout....
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