Bond manager Bill Gross said preliminary returns in the Brexit referendum are putting free-trade and immigration policies at risk.
“Obviously safe haven bonds instead of equities will benefit,” Gross, manager of the $1.4 billion Janus Global Unconstrained Bond Fund, said in an e-mail.
“Populists storm the City’s gates. One person/one vote displaces one pound/one vote as the new U.K. mantra,” he said. “There will be others. Global economies may quickly molt their free trade skins and immigration policies are at risk.”