GAM's Gallagher: Brexit is not a significant risk for Europe

Asymmetric risk for UK

Niall Gallagher, investment director and manager of the €1.2bn GAM Star Continental European Equity fund, has said the UK leaving the European Union (EU) will have little impact on the eurozone's €18trn economy.

Speaking to Investment Week, Gallagher said Brexit posed an asymmetric risk for the UK, but investors and businesses were unconcerned about the fallout in Europe. The manager gave the example of the German car industry, which has been touted as one of the industries where Brexit will have the greatest impact across all sectors in Europe, as one area where he believes the effects would hardly be felt "Brexit is not a significant risk for Europe and it does not get mentioned in Germany, for example," he said. "The German car industry's biggest markets are China, the US and Germany, w...