After the unexpected "Leave" outcome of the U.K. referendum, we see conditions for a risk-off environment in the near-term. Markets are opening this morning significantly lower. However we believe that Central Banks are ready to act and their immediate focus will be to stabilize the markets and provide liquidity if needed. Over the medium-term uncertainties over the future of Europe and Central Banks' reaction will dominate financial markets. We believe that this news flow will continue to weigh on risky assets over the medium-term. Ultimately we think that the political and monetary policy response will be the major variable when it comes to managing an orderly Brexit.
Brexit unfolds against a challenging investment backdrop, as long-term expected returns for all asset classes are set to further decrease and risks of extreme events s are growing in the market. In this environment we are committed to preserving our clients' assets and keeping an open communication flow to support them.
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http://www.multimanagergmbh.de/as_documents/PP_doc/Pioneer/BrexitReferendumInvestmentTalks.pdf