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Gone with the wind

9 September 2025

Investor eyes and ears turned to the US Federal Reserve Chair Jerome Powell’s Jackson Hole speech in August as he hinted that interest rate cuts could be coming in the US.

Rathbones Multi-Asset Portfolio Team

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Article last updated 26 September 2025.

Recorded: 3 September 2025 

How did our team respond to the rotation away from tech to cyclical stocks? Turning to energy, President Donald Trump’s been causing more havoc to wind energy developers by striking down projects under development, while on the other side of the pond Europe has its own struggles with getting renewable energy into the grid. 

The team shares their energy exposure across the core and sustainable portfolios, and what they’ve managed to avoid. Lastly, they brief us on Motorola Solutions, a US company focused on public safety and emergency response software and communications, a newer addition to our core funds.  

If we reference any terms you're unfamiliar with, please visit our glossary for an explanation. 

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The Sharpe End podcast team

Meet the Rathbones multi-asset investing team. 

David Coombs

David Coombs

Head of Multi-Asset Investments

David Coombs

Head of Multi-Asset Investments

David heads our multi-asset investments team, which manages the Rathbone Multi-Asset and Rathbone Greenbank Portfolio funds. He joined Rathbones in 2007 after spending 19 years with Baring Asset Management, where he managed multi-asset funds and segregated mandates. He began his career with Hambros Bank in 1984. 

David Coombs
Will McIntosh-Whyte

David Coombs

Fund Manager, Rathbone Greenbank Multi-Asset Portfolio funds and Rathbone Multi-Asset Portfolio funds

David Coombs

Fund Manager, Rathbone Greenbank Multi-Asset Portfolio funds and Rathbone Multi-Asset Portfolio funds

Will manages the Rathbone Multi-Asset and Rathbone Greenbank Portfolio funds. He joined Rathbones’ charities team in 2007 and was made investment manager in 2011, running institutional multi-asset mandates. He has been with our multi-asset investments team since 2015 and a fund manager since July 2019. Will is a Chartered Financial Analyst (CFA) charterholder and graduated from the University of Manchester Institute of Science and Technology with a BSc Hons in Management. 

Will McIntosh-Whyte
Hannah Kennedy

Hannah Kennedy

Portfolio Management Assistant – Multi Asset

Hannah Kennedy

Portfolio Management Assistant – Multi Asset

Hannah joined Rathbones in 2021 as a Portfolio Management Assistant for the Multi-Asset team, after graduating from Royal Holloway University of London with a first-class degree in Management with Accounting. During her studies and as part of her degree she undertook a 14-month placement, working as a Wealth Management Assistant at Ascot Wealth Management.

Hannah Kennedy
Rahab Paracha

Rahab Paracha

Sustainable Multi-Asset Investment Specialist

Rahab Paracha

Sustainable Multi-Asset Investment Specialist

Rahab is the sustainable multi-asset investment specialist for the Rathbone Greenbank Multi-Asset Portfolio funds. She joined Rathbones in 2021, having worked previously as a junior responsible investment specialist at HSBC Asset Management. Rahab graduated from the London School of Economics with a BSc in Economics, holds the Investment Management Certificate and is a Chartered Financial Analyst (CFA) charterholder.

Rahab Paracha
Emma Letheren

Emma Letheren

Multi-Asset Equity Research Analyst

Emma Letheren

Multi-Asset Equity Research Analyst

Emma joined in October 2024 as the equity research analyst for Rathbones Multi-Asset and Rathbones Greenbank Multi-Asset funds. Prior to joining Rathbones, Emma spent seven years covering the European Consumer Staples sector as an equity research analyst at RBC Capital Markets. She is a CFA charterholder and graduated from the University of Nottingham with a first in BSc Economics.

Emma Letheren

About Rathbones

Rathbones, a FTSE 250 listed company, provides individual investment and wealth management services for private clients, charities, trustees and professional partners. Rathbone Asset Management is a UK fund manager, offering equity and bond unit trusts and a multi-asset fund range to meet your capital growth and income requirements. Rathbone Asset Management Limited is a wholly-owned, London-based subsidiary of Rathbones Group plc.

This podcast is intended for retail and professional investors. Any views and opinions are those of the investment manager, and coverage of any assets held must be taken in context of the constitution of the fund and in no way reflect an investment recommendation. Past performance should not be seen as an indication of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. This podcast has been produced for information purposes only and isn’t intended to constitute financial advice. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording; Investments referred to may not be suitable for all recipients. Any mention of a specific security should not be interpreted as a solicitation to buy or sell a specific security. Rathbone Asset Management Limited is authorised and regulated by the Financial Conduct Authority. A member of the Investment Association. A member of the Rathbones Group. Registered office: 30 Gresham Street, London, EC2V 7QN. Registered in England No. 02376568.

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Rathbones Asset Management Limited is authorised and regulated by the Financial Conduct Authority and a member of the Investment Association. A member of the Rathbone Group. Registered Office 30 Gresham Street, London EC2V 7QN. Registered in England No 02376568.

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