Relief for fund managers ducking Brexit storm

THE morning after the Brexit vote, City fund managers gathered to deal with an expected flurry of sell orders from nervous customers — but the orders never came.

Brits kept their nerve in the days after the surprise EU exit vote, according to a string of results from UK fund houses today.

“We sat here very tense and saw absolutely nothing happen. Customers were sitting on their hands,” said Jupiter Fund Management boss Maarten Slendebroek, whose firm runs £37 billion.

Jupiter reported £600 million of net inflows for the six months ending June, although the quarter leading up to the vote was tougher with a small outflow.

The post-Brexit calm was mirrored elsewhere. St James’s Place achieved record gross inflows in the three months to June of £2.82 billion.

The firm got on the front foot by sending out market analysis to its frontline staff to help customers after markets tanked. “We didn’t have any panic,” boss David Bellamy said.

Philip Howell, head of rival wealth firm Rathbone Brothers, which saw funds rise 4.8%, also said communication calmed customers. “We had very few calls,” he added.