Editor's view: The perils of asset manager diversification at any cost

During Investment Week magazine's short summer break, the impact of the Brexit referendum on asset management businesses in the first half of the year was revealed in all its gory detail.

According to the latest Pridham Report, groups suffered their highest ever quarterly outflows in Q2, and net redemptions for two consecutive quarters for the first time in 30 years. Meanwhile, the latest figures from the Investment Association show UK funds recorded net retail outflows of £1bn in July, as cautious investors continued to sell out of equity and property funds in the wake of June's Brexit vote. This comes after redemptions of £3.5bn from UK funds in June, in the immediate aftermath of the EU referendum. However, the longer-term repercussions of the vote on flows will tak...