Investors should be prepared to receive a series of profit warnings in the last quarter of 2019, Smith & Williamson Investment Management has warned.

These warnings will come as analysts cut back over-optimistic estimates against the backdrop of a deteriorating economic environment, partner Mark Swain said.

There has been poor data from major global economies including the US, China and Europe, in particular for manufacturing.

Mr Swain, who co-manages the Smith & Williamson Enterprise Fund with Mark Boucher and Rupert Fleming, expects a number of profit warnings in the final quarter to rock some of the...