Bank of New York Mellon : Fund managers snap up luxury brands as Covid-19 takes its toll

LEADING fund managers are buying millions of pounds of shares in luxury brands after significant falls triggered by the outbreak of the Covid-19 virus.

Fund manager Nick Train, along with bosses from Rathbone, Jupiter and BNY Mellon, are taking advantage of the dip according to the Sunday Times. The Shanghai Composite Index has fallen 11 per cent since the start of the year.

Chinese citizens account for 35 per cent of all luxury purchases made around the world but a number of stores have closed to curb the spread of infection.

(c) 2020 City A.M., source Newspaper