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
Facebook Twitter LinkedIn

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.

SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk

To view this article, become a Morningstar Basic member.

Register For Free

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

Facebook Twitter LinkedIn

Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Aviva PLC400.50 GBP0.00Rating
Barclays PLC180.00 GBP0.00Rating
BP PLC304.60 GBP0.00Rating
JOHCM UK Equity Income A GBP Acc4.08 GBP-0.17Rating
Lazard UK Omega C Acc2.90 GBP-0.11Rating
Lloyds Banking Group PLC46.68 GBP0.00Rating
Royal Dutch Shell PLC B1,313.80 GBP0.00Rating

About Author

Karen Kwok

Karen Kwok  is a Reporter for Morningstar.co.uk

Audience Confirmation


By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites
© Copyright 2021 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Cookies       Modern Slavery Statement