Investors should be more concerned about Donald Trump than a Brexit, says fund manager Richard Woolnough

William Turvill
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Richard Woolnough told investors they should focus on Trump, not Brexit (Source: Getty)

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.

Read more: Trump and Clinton get the vote from M&A experts

"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.”

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