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| Brexit: $17bn investment bank pulled every penny out of Britain before EU referendum result | |
| (35 minutes later) | |
| 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. | 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,” 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. | “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, 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. | 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,” 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.” | “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 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. | 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. |
| Bloomberg | Bloomberg |
| Click here to download your free guide on Brexit ideas and action plans, from Independent Partner, Hargreaves Lansdown | Click here to download your free guide on Brexit ideas and action plans, from Independent Partner, Hargreaves Lansdown |