Investment bank sold all its UK assets before Brexit

by International Finance DeskNovember 2, 201601011

Carnegie Investment Bank manages $17 billion for clients IFM Correspondent November 2, 2016: Carnegie Investment Bank AB, which manages $17.2 billion for clients, sold all of its UK holdings as opinion polls narrowed ahead of the June vote to exit from the European Union. Chief strategist Henrik Drusebjerg explained that the bank held equities as well as corporate bonds before Britain’s exit from the European...

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Carnegie Investment Bank manages $17 billion for clients

IFM Correspondent

November 2, 2016: Carnegie Investment Bank AB, which manages $17.2 billion for clients, sold all of its UK holdings as opinion polls narrowed ahead of the June vote to exit from the European Union.

Chief strategist Henrik Drusebjerg explained that the bank held equities as well as corporate bonds before Britain’s exit from the European Union, but started selling UK assets a month before the vote. However, the value of assets sold was not revealed.

The after-effects of Brexit was the main reason behind the bank’s move. The possible threat of the EU breaking up was considered a dangerous threat to investors. The UK’s momentous decision to leave the EU has brought in long-lasting political and economic consequences. This could potentially cause the Euro to weaken over time, decline global share and other risk assets.