From coffee to hotels, global equity fund manager on the prowl

Singapore

ANDREW Brown, a senior investment manager at Aberdeen Asset Management, readily admits that stocks are expensive and these concerns have existed for a few years.

"Ironically the starting point for that is the bond market . . . if the valuation of equities is based on a discount rate of one per cent for debt, then clearly there's an issue if yields go up," Mr Brown, who co-manages Aberdeen's US$1 billion Global Opportunities Fund, told The Business Times.