“Ultimately it’s the pound that takes the Brexit strain,” said Grant Peterkin, a senior managing director at Manulife Asset Management which manages $386 billion in assets globally. “It’s the purest way to reflect the concerns financial markets have for the U.K. economy.”
Manulife Asset Management’s Absolute Return Rates Fund is betting on further declines in sterling. “Into the $1.19s would be moving into relatively uncharted territory for cable,” Peterkin said.
--With assistance from John Ainger.
This article was provided by Bloomberg News.