Following on from the best year in a decade for private client multi-asset portfolios, the picture in 2020 has been somewhat less positive for investment managers and their clients.

Asset Risk Consultants (ARC) has published its third quarter Private Client Indices (PCI) showing that investors had, on average, been able to recoup most of the losses suffered in March’s sharp downturn, but recovery has stalled from Q2.

The most cautious portfolio band (risk relative to equities of 0 to 40 percent) generated modes...