Wealth managers have shielded their clients from the worst of the market turmoil this year, according to the latest Private Client Indices (PCI) produced by Asset Risk Consultants (ARC).

Estimated figures for the year to June 30 show that “Cautious” portfolios run by discretionary managers were down only 1.3 per cent, while funds in the Investment Management Association (IMA) Cautious Managed sector fell 6.5 per cent and the FTSE 100 dropped nearly 13 per cent.