Cities and investment

Scottish investment managers Baillie Gifford have taken to sending me their monthly magazine Trust. In the most recent edition, they have an article vaunting the merits of cities and urban living (yawn). But something in this article (as opposed to the zillions of other pro-urban articles everywhere) caught my eye. According to Tom Slater, deputy fund manager of Scottish Mortgage Investment Trust Plc, investors are looking at cities - or mega-city-regions - rather than countries when deciding where to put their moola. "We're trying to get away from the traditional view of dividing up the world into emerging and developed markets," he says, explaining that in the U.S. they invest almost entirely on the West Coast.