This article is from the source 'independent' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.independent.co.uk/news/business/news/investment-bank-pulled-money-out-britain-because-of-brexit-carnegie-a7390356.html

The article has changed 5 times. There is an RSS feed of changes available.

Version 2 Version 3
Brexit: $17bn investment bank pulled every penny out of Britain because of EU referendum result Brexit: $17bn investment bank pulled every penny out of Britain because of EU referendum result
(about 1 hour later)
Carnegie Investment Bank, which manages $17.2 billion (£14 billion) for clients, sold all of their UK holdings as opinion polls narrowed ahead of the June vote to exit from the European Union. Carnegie Investment Bank, which manages $17.2bn (£14bn) for clients, sold all of their UK holdings as opinion polls narrowed ahead of the Brexit vote in June.
“We had equities and corporate bonds in Britain before the vote,” chief strategist Henrik Drusebjerg said in a telephone interview on Monday. “We started selling off our UK holdings to absolute zero maybe a month before the vote,” he said. He wouldn’t give the value of the assets sold. “We had equities and corporate bonds in Britain before the vote,” said chief strategist Henrik Drusebjerg. “We started selling off our UK holdings to absolute zero maybe a month before the vote,” he said. He wouldn’t give the value of the assets sold.
The Stockholm-based bank is staying out of UK investments because uncertainty remains too large a factor regarding negotiations to leave the EU, or even if Prime Minister Theresa May will secure one, the strategist told Bloomberg Radio earlier on Monday. A separate survey of 83 money managers commissioned by NN Investment Partners revealed that Brexit and the potential breakup of the EU was deemed the biggest investment threat globally for the investors. The Stockholm-based bank is staying out of UK investments because uncertainty remains too large a factor regarding negotiations to leave the EU, the strategist told Bloomberg Radio on Monday. A separate survey of 83 money managers commissioned by NN Investment Partners revealed that Brexit and the potential breakup of the EU was deemed the biggest investment threat globally.
“It will definitely end with a deal that is so bad they will either get an election about this new bad deal, or they will have to have a parliamentary election before that,” Drusebjerg said in the radio interview. “It’s very possible that Britain will never reach Brexit because I think down the road it will be obvious that the deal they will get will be really, really bad for the economy.” “It will definitely end with a deal that is so bad they will either get an election about this new bad deal, or they will have to have a parliamentary election before that,” Mr Drusebjerg said. “It’s very possible that Britain will never reach Brexit because I think down the road it will be obvious that the deal they will get will be really, really bad for the economy.”
Brexit is shaping up to be the worst of a slew of nationalist sentiment that’s hitting the global economy, the strategist said, citing a potential Donald Trump victory in US elections, a constitutional vote in Italy in December to limit the power of the Senate and parliamentary votes next year in Germany and France. Brexit is shaping up to be the worst of a slew of nationalist sentiment that’s hitting the global economy, the strategist said, citing a potential Donald Trump victory in the US election, a constitutional vote in Italy in December to limit the power of the Senate and parliamentary votes next year in Germany and France.
That could result in the election of more politicians who advocate trade barriers, which would be negative for investors, he said.That could result in the election of more politicians who advocate trade barriers, which would be negative for investors, he said.
BloombergBloomberg
Click here to download your free guide on Brexit ideas and action plans, from Independent Partner, Hargreaves LansdownClick here to download your free guide on Brexit ideas and action plans, from Independent Partner, Hargreaves Lansdown