Chris Alexander is head of research at BNP Paribas SA's Wealth Management in the U.K. He tells The Wall Street Journal why he prefer defensive stocks and U.K. corporate bonds.

Globally, we see pent-up demand from cash-rich investors and sovereign-wealth funds for prime assets, but we are also aware of potential pitfalls. Consequently, from an equity perspective we are focusing on stocks combining consistent double-digit earnings growth with yields at or above the market average.