Brown Advisory's UK Operation Overcomes Difficult Birth, Surpasses $5 Billion AuM

Tom Burroughes

8 January 2014

US-headquartered ,” Fitwilliams said, giving his outlook.

Within its balanced portfolios, Brown Advisory said it is adjusting positions, referring for example to the eurozone and emerging markets.

Simon Peck, head of UK Private Clients, said: “European equities have had a strong run in 2013, and there are still big unresolved problems regarding sovereign-debt levels, stagnant growth and persistent unemployment in a number of eurozone nations. The European economy is no longer in imminent crisis, and we believe that good investment managers can outperform if they can identify great companies with limited exposure to Europe’s macroeconomic problems.”

Paul Chew, head of investments, said: “Emerging market stocks have struggled in 2013, but we believe that reduced growth expectations for China and other countries are largely priced into emerging markets at this point.”

“Emerging market stocks are actually inexpensive relative to developed-market equities now – the MSCI EM Index traded at just 10.3 times forward earnings at the end of the third quarter. We believe the recent cool-down in emerging market stocks has created an attractive entry point,” Chew said.