Brexit Scars Made Wall Street Masters Timid Election Bettors
- Money managers held off adding to bullish bets before vote
- Clinton 3-1 favorite status not enough to scale back hedges
Donald Trump's Brexit Surprise Lost on Markets, Polls
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Opinions are free. Betting on them isn’t. So even with Hillary Clinton a 3-1 favorite, money managers steered clear of aggressive new positions in the runup to Tuesday’s election.
BMO Global Management in Chicago made defensive tweaks to a $10 billion large-cap fund. David Donabedian, who helps oversee $28.8 billion at Atlantic Trust Private Wealth Management, didn’t even see the need to move and made no changes in allocations. Swayed by memories of Brexit, Chris Zaccarelli of Cornerstone Financial Partners bought a broad-market put to protect his $1 billion portfolio.