Analysts at the investment bank Jefferies have downgraded their stock rating on fund manager Henderson Group thanks to the Brexit vote, predicting lower inflows for its European mutual funds range.

Jefferies analysts Phil Dobbin and Sophie Woodward-Fisher wrote in a note on June 30: "It is a statement of the obvious that £19.3bn of retail European AUM looks more perilous than it did a week ago, and is likely to have higher churn than UK retail clients or institutional clients."