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What are seven wealth managers giving up for Lent?

We ask seven wealth managers what they are giving up for Lent, both in their personal lives and within the investment world.

Veronique Morel, branch principal and senior wealth manager, Raymond James, London

I am giving up something meaningful for Lent: cheese (no small matter for a French person!) This could help in the event of a hard Brexit!

I would also like to take on something positive: keeping an open mind while selecting active funds, not being so quick in dismissing performance versus benchmark.

So, let us pray: our portfolio manager, who art in Mayfair, hallowed by thy brand name; thy performance come, thy will be done on our tactical assets as it is in our core portfolio. Give us this day our daily yields, and forgive us our losses as we forgive those who may underperform against us; and lead us not to risk temptation, but deliver us from benchmark hugging. Amen.

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Veronique Morel, branch principal and senior wealth manager, Raymond James, London

I am giving up something meaningful for Lent: cheese (no small matter for a French person!) This could help in the event of a hard Brexit!

I would also like to take on something positive: keeping an open mind while selecting active funds, not being so quick in dismissing performance versus benchmark.

So, let us pray: our portfolio manager, who art in Mayfair, hallowed by thy brand name; thy performance come, thy will be done on our tactical assets as it is in our core portfolio. Give us this day our daily yields, and forgive us our losses as we forgive those who may underperform against us; and lead us not to risk temptation, but deliver us from benchmark hugging. Amen.

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Fred Mahon, fund manager of JM Finn's Coleman Street Investment Funds, JM Finn, London

Reading morning broker notes.

I received 46 emails before 9am yesterday. These emails are almost never much use but consistently take up a big chunk of my morning. This Lent I am turning off the email (for the morning) in the hope that I
can focus on investment uninterrupted.

Personally, I am giving up the gym. I don’t think that spending my precious free time in a sweaty basement is a great way to celebrate spring. My gym membership has successfully proven to me that there are other people in the City that are better at lifting heavy things than me.

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Ryan Lightfoot-Brown, senior research analyst, Chelsea Financial Services, London

When it comes to investing, I have given up worrying about the government’s daily change of approach to Brexit. We have hedged some of our currency exposure in the result of a positive outcome and a sterling rally, and have increased our gold weighting in case of further volatility, which should help us around the edges alongside our long-term core holdings.

On a personal side, I have given up fizzy drinks. Rather than having the occasional can of coke to get through the post-lunch lull, I have taken to having more fruit for the sugar kick. Fortunately, this hasn’t extended to tonics.

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Eleanor Ingilby, portfolio manager, Sanlam, London

Lent is always a particularly good time of year to get rid of some the bad habits that you’ve formed over the past year. The personal habit I will be giving up for Lent is buying shop-made bread. Instead I am going to try and bake all my bread from fresh, which is something I both enjoy and
 find relaxing.

On the investment side, I will be giving up the unnecessary fear of short-term volatility within the markets and focusing instead on long term, high quality funds and companies, investing cautiously but with conviction.

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Ian Barnard, Partner, Capital generation Partners, London

After years of unfulfilled expectation, I am giving up on European interest rate normalisation and will put the idea to bed for some time. The European Central Bank has not increased rates since 2011 and now the economic upswing in Europe has slowed, the bank is unlikely to push rates up anytime soon.

On a personal note, I will give up worrying about Brexit. After years of debate and steadily rising anxiety, we actually know little more about our future than we did in June 2016.

So good luck to Theresa May, but I’ll check back in in 40 days’ time.

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Clive Bullock, director, Tilney, Birmingham

On a professional front, I have to say I was happy to give up absolute return funds. They really haven’t impressed, although the odd one, such as the JP Morgan Global Macro Opportunities fund is an exception. It’s a bit more volatile, but has a good track record and we like it. Reducing our allocation to that sector and moving the funds into equities has proved worthwhile.

Personally, I am making a big effort to cut out doughnuts. All my colleagues know that if anyone brings in a tray of Krispy Kremes for their birthday I am happy to hoover up as many as possible. Sadly, I am always trying to fight the saying that ‘you cannot out-exercise a bad diet’.

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Alex Sumner, portfolio manager, Blackfinch Investments, Gloucester

Considering the domestic backdrop at present, I’m sure that I won’t be alone in saying I will be giving up my confidence in UK politicians to come to an agreement and give the economy the certainty it so desperately needs.

There’s no doubt that the impact of these delays is being felt across many areas of the market and naturally one of the areas most at risk are domestically-focused small and mid cap stocks. While I wouldn’t say I’ve given up on them for Lent, I certainly won’t be feasting on them just yet.

On a personal note, I have just completed a round of investor seminars across the country so I’d like to say I’ll be giving up living out of a suitcase. However, with more lined up for the second quarter of this year, that could be wishful thinking.

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