2019 proved itself to be the best year in a decade for multi-asset portfolios, according to the latest private client indices (PCI) from ARC Research.

While some of the calendar-year gains can be explained by a rebound following sharp market falls in December 2018, portfolio growth was also supported by an ongoing environment of very accommodative monetary policy across major economies.

ARC’s researchers said: “By year end, most private client discretionary managers were still at the liquidity-fuelled equity party even if the chatter was increasingly about when might be a good time to make a graceful exit.”