Brexit is not proving an asset to these fund managers' share prices

 
William Turvill
Follow William
Scotland Prepares For Independence Vote
Schroders, Legal and General, St James's Place and others have experienced sharp falls in share price (Source: Getty)

London-listed asset managers have been among the companies worst hit by Brexit on the stock market.

Schroders’ share price was down by around nine per cent to 2,164p on Monday.

This followed a 12 per cent fall from 2,711p on Friday after the results of the vote emerged.

Brexit Britain: What you need to know

Elsewhere, Legal and General Group’s price was down 11 per cent on Monday to 167p after a 20 per cent fall on Friday.

After a 16 per cent fall to 775p at the end of last week, St James’s Place also experienced a slow start to the week, with shares down eight per cent on Monday at 712p.

Aberdeen Asset Management has also experienced a slow start to the week, with shares down 11 per cent to 246p after an 11 per cent dip on Friday.

Hargreaves Lansdown performed better today, down nine per cent to 1,069p, than on Friday, when its shares fell 13 per cent to 1,211p.

Read more: David Cameron sets up civil service "Brexit unit"

The Investment Association, which represents trust and investment fund managers, called for the industry to “adopt a collective long-term focus on how the UK can preserve the pre-eminence of its financial services sector including our highly successful £5.5 trillion asset management industry” after the Brexit vote.

The body said in a statement: "How the UK's role in the EU will change will become clearer over time, but there are likely to be challenges ahead and we look forward to helping the government and our industry to navigate these.

"The Investment Association is confident our industry will be able to continue to compete overseas, both in the EU and the rest of the world. Our objective remains to play a positive role within the UK economy as a source of funding for companies, a major contributor to export earnings and as a centre of investment excellence that serves both domestic and overseas clients successfully."

Related articles