World Markets Not in ‘Crisis’ After Brexit Vote, Bachher Says
- University of California CIO says he’s underweight U.K.
- Manager Hirtle Callaghan says Europe is buying opportunity
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The global market selloff triggered by the U.K. referendum to exit the European Union isn’t a crisis, said Jagdeep Bachher, chief investment officer at the University of California system.
“We were all worried about the global economy. This adds to that,” Bachher, who manages $91 billion of pension and endowment assets, said in an interview on Friday. But the markets aren’t “selling off to the extent you’d call it a crisis,” he said.