Both our existing clients and prospective new clients will be acutely aware of the global disruption being caused by Coronavirus both in terms of the world’s economies and to our ordinary way of life. AMR’s directors and staff are continuously monitoring and considering the position in order that we can react appropriately as the impact of the virus develops. For the time being, we are restricting face-to-face client meetings to those that are essential and/or urgent so as to reduce the chances of our advisers either contracting the virus themselves or spreading it to others. Telephone conversations, email or discussions via one of the web-based conferencing systems can, of course, take place without restriction.

Investors will appreciate that during 2020 markets were more volatile than usual and some holdings (travel companies. airlines and the leisure sector, for example) fell in value very significantly. However, other holdings performed well as people’s spending patterns changed. Towards the end of the year, as Coronavirus vaccines started to come on stream, values improved somewhat with some additional upward impetus to UK stocks coming from the announcement of a trade agreement with the EU. Volatility is likely to continue to be a feature of investment markets for at least the early part of 2021 but investors should take some reassurance from the unprecedented support measures being taken by the central banks and governments of the world’s major economies. In terms of outlook, we continue to believe that over the medium-term investment markets will improve further.