This Investment Bank Sold All U.K. Assets Before Brexit Vote
- Stockholm-based investor began selling as polls narrowed
- Sold out stocks and bonds in financial, consumer industies
Lights illuminate skyscrapers including 20 Fenchurch Street also known as the 'Walkie Talkie', The Leadenhall building, also known as the 'Cheesegrater,' Tower 42, 30 St Mary Axe also known as 'the Gherkin,' and The Heron Tower, as the sun sets in the City of London, U.K., on Tuesday Aug. 30, 2016. Few places in greater London encapsulate the challenges posed by Britain's vote to exit the European Union quite like Canary Wharf, home to JPMorgan Chase & Co., Citigroup Inc. and HSBC Holdings Plc.
Photographer: Simon Dawson/BloombergCarnegie Investment Bank AB, which manages $17.2 billion for clients, sold all of its U.K. holdings as opinion polls narrowed ahead of the June vote to exit from the European Union.
“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 U.K. holdings to absolute zero maybe a month before the vote,” he said. He wouldn’t give the value of the assets sold.