10/11/2010

Double-dip Recession 'Can Be Avoided'

The man who is credited with coining the now 'redundant' phrase the 'Celtic Tiger' over 16 years ago has been speaking in Belfast.

Kevin Gardiner, Managing Director and Head of Global Investment Strategy at Barclays Wealth, visited the city to host a briefing on global investment trends.

Mr Gardiner - whose 1994 report for Morgan Stanley on the then dynamic Irish Republic named Ireland a high performing economic 'Tiger' - has been following the performance of the Irish economy on both sides of the border ever since.

Today, Kevin, who is responsible for developing and implementing Barclays Wealth's investment strategy recommendations worldwide, discussed the global investment outlook for 2011 and looked at which assets offer long-term value and why as well as why the UK recovery can continue despite the impact of the Comprehensive Spending Review.
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"The short-term outlook is still a testing one, but we are optimistic that a double-dip recession will be avoided in the US and in the UK.

"This leaves the corporate sector poised in our view to remain both profitable and increasingly creditworthy.

"With this in mind, long-term investment portfolios should contain a mix of assets that provides both some insurance against near-term risk but also some exposure to longer-term growth," he said.

He was speaking to over 60 local clients - both prospects and guests of Barclays Wealth - who attended the briefing at The Merchant Hotel, Belfast.

Jonathan Dobbin, Head of Barclays Wealth NI was also on hand and explained the importance of hosting such an event locally: "Kevin has a very strong track record of analyzing markets, identifying opportunities and articulating insightful recommendations for our clients.

"Given the continued uncertainty surrounding the global economy and the prospects for recovery, many investors are asking about the best investment options," he said.

(BMcC/KMcA)

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