Former Aberdeen Asset Management chief executive Martin Gilbert has criticised the make-up of the UK's FTSE 100 index for its lack of technology companies - a sector on which he is bullish, while many are bearish.
Speaking to This is Money, he explained that out of the 100 companies listed on the London Stock Exchange with the highest market capitalisation, only 2% are tech firms, compared with a 20% tech weighting in global indexes.
"One of the big failings of London is we have really not succeeded in getting a big tech stock here listed in the FTSE 100," he commented.
However, many fund managers and analysts are predicting that recent falls in the pandemic-fuelled prices of companies like Zoom, Amazon and Tesla is the sign of worse to come.
Gilbert said he is not convinced that there will be "a massive rotation" out of tech and back into more traditional value shares – although he is "pleased to see a correction and a bit of sanity in the market".
He thinks that renewable energy and sustainable technologies are an area which the UK has particular growth potential.
"Let’s be very clear, as a fund manager you won’t win any mandates unless you have credentials in ESG [environmental, social and governance]," he stated.
Gilbert's board positions show a mix of interests when it comes to the sector, as he is both chair of The Net Zero Technology Centre in Aberdeen and chair of the Oil and Gas Technology Centre, while also holding a independent non-executive directorship at commodity trading and mining company Glencore.
But he argues that instead of demanding companies sell off more problematic assets, investors now prefer to urge responsible ownership.
"If you just divest assets, they are likely to go into less responsible hands; there is a bit more pragmatism about that," he commented, adding that Shell’s decision to pull out of the Cambo oilfield off Shetland "bemused people" in Aberdeen.
"What people can’t understand there is why we wouldn’t develop our own oil and gas supply rather than import it," he commented. "There has to be a move to net zero, but if we are just going to import oil and gas, then I am failing to understand the logic."
Gilbert splits most of his time now between chairmanships at asset management consolidator AssetCo and digital challenger bank Revolut.
But while he's definitely keen on fintech, "I will always keep my Bank of Scotland account because I just like having it.
"The fintechs have already got to a position of sustainability, but I think the banks still have a huge advantage, because they have the clients.
"I would buy UK bank shares - they are now safe utilities with a dividend."
Having said that, Gilbert admits "I can’t remember the last time I was in a branch, it must be 10 years ago".
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