“I think policy makers have gone outside of what they should be doing – they shouldn’t be managing the markets, they should be creating an environment in which private enterprise can flourish and create growth and can do that without destroying the rights and privileges of the communities in which they work,” he remarked.
“It is hard to see how policy markets get off that drug, and as a result I think markets will be tricky for quite some time.”
Over the past 10 years, Harrison has delivered 100% growth for his investors, versus 49% from his UK Equity Income peer group, according to FE Analytics.
“He’s been a real rock for Threadneedle over the past 10 years, despite the turbulence that they have had with the departures of people like Simon Brazier and Cormac Weldon,” said Scott Baikie, senior portfolio manager at Thomas Miller Investment.
“Longer term performance has been very good, and historically he has made some big calls on miners and commodities and got them right, particularly in the mid-2000s.”
John Monaghan, senior investment analyst at Square Mile Investment Consulting & Research, added: “Harrison’s retirement will be a loss to the industry and as a sounding board who has been through a lot of market cycles. He’s pragmatic, diligent, doesn’t have a big ego and he wants to do right by investors.”
On Columbia Threadneedle’s prospects, he believes it maintains decent strategies and some highly regarded individuals.
“The UK team remains strong, while there is Davies on the global side and David Dudding on European equities. They also have Toby Nangle and Alex Lyle on the multi-asset team. I wouldn’t say it is a house in decline by any stretch.”
