Investment Bank Sold All UK Assets Before Brexit Vote

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, Bloomberg reported. “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. 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 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.