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Brexit survey from GAM finds most IFAs favour staying in

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GAM has conducted a Brexit survey of the IFAs attending its UK roadshow and found that more than two thirds (69 per cent) are in favour of the UK remaining in Europe, while 31 per cent believes the UK would be better off voting ‘out’. 

For 34 per cent of respondents, politics is the biggest risk factor for 2016, followed by global economic recession at 22 per cent, the Euro crisis at 16 per cent, and a Chinese debt implosion at 14 per cent. A liquidity crash and the risk of the Federal Reserve lifting rates too quickly were also identified as risks.   
 
Europe is still in favour with IFAs for equity investment, with almost half of respondents (48 per cent) expecting it to deliver the best returns for the remainder of 2016. The US and emerging markets trailed with a 16 per cent equal split of votes, while Japan and the UK stood at 15 per cent and 6 per cent respectively.
 
Charles Hepworth, investment director at GAM responsible for developing and managing outsourcing solutions for UK IFAs, says: “Given the uncertainty around the ‘in-out‘ referendum and the potential for Brexit, we have a relatively cautious outlook on UK equities and are currently positioned moderately underweight. Sterling is likely to come under renewed pressure as investors are worried about the UK’s economic prospects.
 
“Europe remains the most favoured investment region for IFAs and we believe that many of the structural imbalances in the eurozone have now been corrected. One of the managers we hold in this space sees the best investment opportunities in Spain and Ireland, where the level of domestic demand has corrected to such a degree that a multi-year bounce in internal demand is inevitable.”

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