Allianz GI's Utermann: Irrational behaviour makes hard Brexit more likely

Cautious on sterling and UK equities

Allianz Global Investors' (GI) chief executive Andreas Utermann has changed his opinion on whether we could see a hard Brexit, having previously ruled out the scenario.

Speaking at the Bloomberg Invest Summit in London earlier this month, Utermann said Brexit was now one of his main concerns. Brexit Blog: Johnson vows to 'press ahead' with approval for new deal "We have an unmanaged Brexit that has a significant impact on the UK economy and that also has an impact on the eurozone economy. "A hard Brexit could happen now; we think it is possible because some of the players involved in the discussions seem to be contemplating irrational moves." Commenting on the impact Brexit was having on Allianz GI's business, Utermann said they were not overly...