Here is an odd paradox. Surveys of its clients by Hargreaves Lansdown, the biggest online share dealing service, suggest that confidence among investors fell sharply after the referendum. The broker had a 51 per cent rise in the number of deals it handled in the first half to December 31. This would imply that investors were getting their money out of the stock market.
Yet the amount of funds under management at Hargreaves continued to rise, up by 13 per cent over the six months. There was a noticeable slowdown in the first quarter of 22 per cent, but this was countered by a 10 per cent rise in the second.
This rise in funds under management in the latest half reflected a net inflow