Britain Will Exit The EU, Warns deVere Group CEO06.24.2016
The financial markets have already decided: it is a Leave win, warns the boss of one of the world’s largest independent financial advisory organizations.
The warning from Nigel Green, founder and CEO of deVere Group, which has more than $10bn under advice, comes as the results of Britain’s EU referendum trickle in.
He comments: “The votes are still being counted and it really is down to the wire. We’re currently in unchartered waters.
“This is being reflected on the markets. The markets are spooked at the increasing chance of a Brexit. For example, the pound has plummeted by 10 per cent. The markets, it seems, have already decided it is a Leave win.
“It goes to show just how falsely complacent they were before the count began.”
He goes on to say: “Whichever way the final results comes in, it is clear there will be no landslide victory for either the Remain nor the Leave campaign.
“This enormously split vote represents an enormously split country and this will, undoubtedly, lead to continued and increased volatility in financial markets.
““Should Leave vote win, we can expect a highly turbulent time in the markets created by huge uncertainty.
“However, this turbulence and panic-selling will, of course, create some major buying opportunities for investors. A professional fund manager will help investors take advantage of the opportunities that volatility brings and mitigate potential risks as and when they are presented.”
Earlier this week, Mr Green said: “Fluctuations can cause panic-selling and mis-pricing. High quality equities can then, for example, become cheaper, meaning investors can top up their portfolios and/or take advantage of lower entry points. This all, in turn, means greater potential returns.
“A recent instance of this scenario would be oil. Oil prices are now up around 70 per cent since the beginning of the year.
“However the UK decides to vote on 23rd June, and whatever the economic repercussions for Britain’s, Europe’s and the global economies, savvy investors will find ways to profit as the world readjusts to a post-Brexit referendum reality.”
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