The U.K.’s shock decision to leave the EU has seen money drained from European equity funds at a record rate. Spooked investors pulled more than $10 billion out of European portfolios in the past two weeks, according to investment flow tracker EPFR Global.
British asset managers have been particularly hard hit. Schroders, the U.K.’s largest listed asset manager, reported yesterday that it saw 2 billion pounds ($2.6 billion) of net outflows in the second quarter— its biggest exodus since the height of the financial crisis. Henderson Group, another major U.K. investment management company, had net outflows of 1.4 billion pounds ($1.8 billion) over the same period.
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