THE UK WAS LEFT REELING BY THE BREXIT VOTE. RESPONDENTS ARE FEARFUL FOR THE FUTURE.
Ordinarily, the June sentiment survey would have been conducted Mid June and the results provided a week later, but we decided to wait for the EU referendum on 23rd June. The shock result left everyone reeling, and this sentiment survey specifically explored fund groups, platforms and distributors' immediate reactions to the result.
There were a total of 80 responses in June. Of these, 53% were from fund groups, 35% from platforms, 5% were distributors (advisers, wealth managers etc) and the rest were banks and life companies. Most respondents were UK-based, although 16% said they were cross-border or domestic European fund providers.
How has the platform industry performed in the first quarter of the year? With the UK getting ready for pension freedom and the general election, financial services were under considerable strain. Because of reporting restrictions, our full report will not be published until mid May, but to tide you over until then, we have a few headline numbers to share with you: