Jupiter Merlin team 'very worried' about ETF liquidity

Algy Smith-Maxwell (pictured), a manager on the Merlin team, said investors are being encouraged to put money into passive vehicles, but they should be wary of making such a commitment at a time when central banks across the globe begin to unwind their monetary easing programmes. He said: "We may well be entering a period when investors have the wind in their faces. An active manager's job is to protect returns and limit the downside [during these periods]. "This is the most important time for investors to be backing away from passives." ETF inflows in the first quarter of 2017 hit...