Brexit debate reveals asset managers’ resolve

Funds Europe, in association with RBC Investor & Treasury Services, hosted an event to discuss the biggest political topic on the agenda for some years, the UK referendum on leaving the European Union. The so-called Brexit. With speakers from firms such as RBC Capital Markets, Unigestion, Investec Asset Management and Lothbury Investment Management, the polls taken throughout the talk revealed general optimism among the investment community, regardless of which way the vote went. For instance, when the audience was asked to vote on whether the cost of Brexit would be higher or lower than 6% of GDP by 2030, the results were fairly even, with 44% voting higher and 56% voting lower. Sam Hill, senior UK economist at RBC Capital Markets had told the audience that estimates varied widely, with one pundit suggesting that GDP would grow by 5% outside of the EU, while a presumably less Eurosceptic commentator viewed that the UK’s GDP would shrink by 20% outside of the union. These figures were obtained by a Bank of England report on the Brexit. Phillip Saunders made the point that while the prospect of a Brexit might matter to the British, more important things are happening on the world stage, such as the Federal Reserve’s interest rate policy and the possibility of a hard landing for China’s economy. To view the report on the Brexit event, including all the polls carried out,click here. ©2016 funds europe

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