Brooks Macdonald remains confident

That outlook was backed up by the asset manager’s investment strategist Matthew Cady, who said in a note to clients that he was hopeful of further robust fiscal and monetary responses. He added that after “one or two calendar quarters of significant economic impact, we do not see a permanent diminution to economic activity or corporate profitability” from Covid-19.

Mr Cady also believes last year’s US-China trade tensions posed a bigger long-term risk, though the recent shock to asset prices suggests others expect greater damage. Indeed, for all the messaging and views, it is broader market performance and client psychology which dictates Brooks Macdonald’s most important metric: average funds under management.

In the six months to December, this improved 8 per cent on the prior year period, though December ended with client assets down 0.4 per cent on the June figure, at £13.1bn. The bump in net cash in the table below has also been flattered by the timing of the group’s acquisition of Edinburgh-based wealth and asset manager Cornelian, which completed in February after November’s £30m share placing.

Consensus forecasts are for earnings of 139p per share this year, rising to 166p in 2021.