Lazard: We Sold All Lloyds Shares After Brexit Vote And Bought Miners Instead

Lazard Asset Management's head of UK equities Alan Custis says there are opportunities in financial stocks, despite off-loading its holding in the UK’s largest bank

Karen Kwok 14 October, 2016 | 2:15PM
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Financial stocks are looking more attractive to investors, according to the head of UK equities at Lazard Asset Management. But it is not looking to buy back into Lloyds Bank (LLOY) which it sold immediately after the Brexit vote.

“On 24 June – when the result of the EU Referendum was known -  we sold all our Lloyds shares to buy more mining companies,” Alan Custis, UK equity portfolio manager for Lazard Asset Management told Morningstar in an interview yesterday.

“We felt Lloyds was at the centre of everything that is going on in the economy: whether it is a slowdown in housebuilding, lending issues, or Scotland asking for another referendum,” Custis explained.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Aviva PLC399.70 GBP0.00Rating
Barclays PLC197.82 GBP0.00Rating
BP PLC363.60 GBP0.00Rating
JOHCM UK Equity Income A GBP Acc4.34 GBP0.99Rating
Lazard UK Omega C Acc3.02 GBP0.50Rating
Lloyds Banking Group PLC49.12 GBP0.00Rating
Royal Dutch Shell PLC B1,795.00 GBP0.00Rating

About Author

Karen Kwok

Karen Kwok  is a Reporter for