The result of today’s decision was not as many had expected, but despite the UK vote to leave, it will continue to be part of the EU for up to another two years and business at many investment institutions will be broadly unaffected except for some minor operational alterations.
The good news is that the market has not panicked.
Over the very short term we might anticipate some minor impact on trading as some fund management groups may restrict redemption volumes to enable them to manage their liquidity risks.
Over the longer term the UK will renegotiate trading agreements with European partnerships and fund houses will seek authorisation from EU jurisdictions if required to ensure that their services are unaffected.
I will continue to trade and advise in accordance with your wishes and do my utmost to minimise the potential negative impact on your portfolio, yourselves and your families.