<p>Each quarter, our strategic asset allocation committee meets to identify the key themes that could affect global financial markets. This quarter’s key themes include:</p> <p>1. Digging below the surface of UK indices - <em>A conundrum in UK equity valuations&nbsp;</em></p> <p>2. Time to shine - <em>Gold is back in the spotlight</em>&nbsp;</p> <p>3. Out of fashion - <em>Is there still value in Europe’s equity markets?&nbsp;</em></p> <p>4. The hunt for yield - <em>Attractive infrastructure investments are harder to find&nbsp;</em></p>

<h2>There were 3,186 reports of investment fraud in 2015/16. In the same year, victims lost an average of £32,000 to these scams.</h2> <p>To help combat the problem, Rathbones is supporting a new FCA campaign called Scam Smart. Experienced investors and those over 65 with savings in excess of £10,000 are the typical targets, and it is important that we remain aware of the facts and best practice when managing your money.</p> <img alt height="350" src="https://d2fbaur19mkdj9.cloudfront.net/sites/rathbones.com/files/imce/scamsmart_infographic_final_target.png" width="350"> <p>&nbsp;</p>

<p>Philip Howell, Chief Executive of Rathbones Group Plc, said:</p> <p>“The first six months of 2017 has seen another busy period for Rathbones as we continue to deliver our strategic plans without detracting from our high standards of service to our clients. We remain confident in the medium term potential of our growth initiatives. Short term market conditions are dominated by a backdrop of ongoing geopolitical uncertainty and we will continue to invest with discipline.”&nbsp;</p> <p><strong>Highlights:</strong></p>