Investors should focus more on the prospect of Donald Trump than a so-called Brexit, according to a fund manager.
Richard Woolnough manages around £35bn at M&G Investments.
In a note to investors, he said the outcome of the US presidential election was more important than the UK's EU referendum.
"Brexit is less of a concern than the US presidential election," Woolnough said.
“The likely impact on UK credit will be noise and uncertainty," he added.
"But although Brexit fears are likely to cause volatility, a far more important political issue is the US election: investors should be less concerned with the EU referendum and focus more on the possibility of Donald Trump as US President.”