How might the major asset classes unfold in 2023? Highlights of IFA Magazine’s insightful webinar with Brooks Macdonald 

by | Feb 1, 2023

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As we all know, 2022 was a particularly turbulent year for all investors – but it was especially so for those operating multi-asset strategies. Inflation plus challenging economic conditions led not only to a sell-off in both equities and bonds but also to a dent in investor sentiment too. 

On February 1st 2022, IFA Magazine held its latest live webinar to discuss this challenging market environment. It proved very popular with our readers. In it, we welcomed two experts from Brooks Macdonald, namely Hector Kilpatrick, Senior Investment Director and Head of Risk Managed Funds, and David Appleton, Senior Investment Director. Hector and David manage the Cornelian Risk Managed Fund Range and, as this conversation clearly shows, they are very passionate about what they do and how they do it. 

Full and frank 

It’s a conversation packed with insight and detail. In it, Hector and David candidly share their views on why they see 2023 unfolding as a ‘game of two halves’ from an economic, markets and investment perspective. They also explain why their views changed last month and where they’ve been seeing wider investment opportunity sets appearing. 


With the Cornelian Risk Managed Fund Range being aimed squarely at the need of financial advisers and your clients, this is a conversation not to be missed, It really lifts the lid on some of the key aspects of portfolio management at the moment – including the often thorny subject of costs which even prompted David into a bit of a rant!! 

Following the webinar, Hector Kilpatrick said: “We thoroughly enjoyed sharing our thoughts with IFA Magazine on the investment outlook and a few of the current issues confronting multi-asset investors. We were also able to highlight the inconsistent reporting of costs by a number of investment vehicles.

“I hope that more IFA Magazine readers will download the session and learn why we are concerned that the US economy is heading for recession and what this means for the outlook for risk assets. You’ll also discover which asset classes we believe exhibit decent value and provide diversification benefits. Given the coming twists and turns in the market, we also make the case for an unconstrained investment approach.” 


Missed it first time around?

We’ve got great news for you – you can use the link below to listen to the conversation in full.

Download the conversation 


About the speakers

Hector Kilpatrick, Senior Investment Director, Head of Risk Managed Funds 


Hector joined Brooks MacDonald in 2020 and leads the global, unconstrained, risk managed funds team. Prior to this, Hector worked at Cornelian Asset Managers, before its acquisition by Brooks Macdonald, where he was the firm’s Chief Investment Officer. Hector joined Cornelian in 2010 from Scottish Value Management where he managed the SVM UK Alpha fund. Previously, he worked at 

Standard Life Investments as part of the Continental European Equities team. Hector holds an MBA in Strategic Management from Imperial College Business School, as well as the ASIP qualification. 

David Appleton, Senior Investment Director 


David joined Brooks Macdonald in 2020 and is jointly responsible for managing the risk managed multi-asset fund solutions. 

Prior to this, David worked at Cornelian Asset Managers, before its acquisition by Brooks Macdonald, where he joined the investment team in 2013 and helped to develop the firm’s risk managed multi-asset fund proposition to financial advisors. He also worked for 10 years at Alder Investment Management, a London-based family office, and has 17 years’ experience in financial services. 

David studied Economics at the University of Edinburgh before obtaining an MSc in International Banking & Finance from Heriot Watt University. He is a Chartered Fellow of the Chartered Institute for Securities & Investment (CISI).


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