Magazine article American Banker

Wealthy Investors' Confidence Fell in Two June Surveys

Magazine article American Banker

Wealthy Investors' Confidence Fell in Two June Surveys

Article excerpt

Byline: MATT ACKERMANN

Confidence among affluent and millionaire investors continued to decline last month, according to a pair of surveys.

Spectrem Group's Affluent Investor Index fell four points in June, to minus-17, ending the first half of 2008 at its second-lowest level ever, and the Spectrem Millionaire Investor Index declined three points, to minus-12, returning to mildly bearish territory after climbing five points to a "neutral" rating the month before.

In April the millionaire index had hit a record low - below the Spectrem affluent index for the first time since Spectrem began doing the surveys in February 2004.

June's decline in the affluent index, which measures the investment outlook of households with $500,000 or more of investable assets, leaves it three points above its record low of minus-20, which was recorded in March.

The index remained in mildly bearish territory for a fourth consecutive month.

The millionaire index stands at its third-lowest level since both indexes were introduced. Its record low of minus-14 came in April as investors continued to deal with both the housing and credit crises.

George H. Walper Jr., the president of Spectrem Group, a Chicago consulting firm, said in a press release that the surveys, whose June results were released last week, indicate that wealthy Americans ended the first half of the year "with a mildly bearish stance, as both millionaires and affluent [investors] saw their investment optimism sink a bit further . …

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