“We have always stressed the importance to our clients of maintaining assets in the currency they are most likely to use long term, as their base currency and so our British clients who plan to remain in Switzerland will typically be invested in Swiss Franc denominated funds, albeit mostly hedged.
“Likewise those UK national clients who plan to return to the UK will typically remain invested in Sterling, although the investments will also usually be global in nature, mitigating a certain element of sterling risk,” he said.
Marriot believes it is possible that the UK will now seek to emulate Switzerland, which is not an EU member state but enjoys some of the benefits of trade. However, he pointed out that this will depend on how much independence Britain lobbies for during exit talks with the EU.
“Switzerland is currently subject to many of the EU rules which the UK wishes to opt out of, such as the free movement of people (although Switzerland did vote to opt out of this in early 2014), so we will have to see what model it is most likely to adopt,” Marriot concluded.
