M&G's Woolnough: UK will lose its edge post-Brexit

Harder to compete with US

M&G fixed income manager Richard Woolnough is significantly tilting his fund towards the US as he feels the UK will lose its competitive edge post-Brexit.

Woolnough (pictured), who manages the £16bn M&G Optimal Income fund, said he was reducing his allocation to the UK in favour of the US and Europe. "The UK capital market is going to become less important so I want to be in the US and Europe. I am biased towards doing more in those regions. "If companies delist from the UK because of Brexit then as an investor you have to find somewhere else to go. The UK will not be as important to the capital market as it once was. We still have a little bit in the UK but not as much as we once did whereas our US and Europe exposure is getting bigger...