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

Asset Risk Consultants (ARC) has published its second 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.

The riskiest band of sterling-denominated portfolios (equity risk) which have risk relative to equities of 80 to 110 percent were do...