On behalf of the RSMR team I would very much like to welcome you to our annual Harrogate Investment Conference.
Another year has flown by, with one theme tending to dominate our thinking throughout the year and that being the policies of the new incumbent in the White House. 2025 has been a year broken into two parts, pre and post liberation day, the day when President Trump introduced his global tariff policy. The initial reaction was understandably very negative but as the weeks rolled on so did the easing of the agreements. This was seen very positively by investors as fears of a recession dwindled and the previous years momentum in growth stocks was reignited, leading to a number of all time highs in global stock markets. Fixed interest assets have also had a positive year, although much of this has been delivered by coupons. Recent moves to start cutting interest rates in the US has been a welcome relief for bond investors.
The issues that face us heading into 2026 are both familiar, in the form of geopolitical tensions, government debt levels, inflation and stock market concentration, but also new in the shape of investment bubbles and excessive valuation levels. There is no doubt that every cycle will have its eventual end but is this current one going to fade away or will a more dramatic (perhaps unforeseen event) cause a change in direction? Either way we will need to remind ourselves that we should not try and time such events and provided we have a long enough investment horizon, a diversified portfolio should allow us to weather any potential storms.
For RSMR, the beginning of 2025 saw us finally sign the deal that led to Fintel plc taking a majority stake in the business. We are very pleased we have found a like-minded partner with a supportive culture who wants to build on the success we have had over the last twenty two years. This year we have been gradually integrating the business with the Software and Data division of Fintel which has seen us work closely with like minded businesses such as Defaqto and AKG. We fully intend to continue to support our clients and the investment community in the way we always have with greater resource at our disposal.
This year, we will once again provide you with the opportunity to hear from 21 of the leading investment management groups who will, through presentations, panels and Q&A sessions, bring challenge and insight when it comes to the issues facing us as investors today. This evening, we are hosting a dinner after which we will hear from one of Great Briton’s true sporting legends, Sir Steve Redgrave, who will, I am sure, have some exciting and relevant experiences to share with us from both sport and business.
We have been supporting and helping advisers in the provision of advice to their clients through reliable investment research and analysis since 2004 and we know that advisers derive a great amount of value from the discussions, debates and networking opportunities provided by this event. Thank you for joining us today and for your support over recent years, we look forward to working with you for many more to come.
Very best wishes,
Ken Rayner
CEO
Rewilding is about hope. We've reached the point where the breakdown of our climate and the biodiversity crisis are urgent threats to both nature and human society. Rewilding - the large-scale restoration of ecosystems to the point where nature can take care of itself - represents a powerful solution.