BlackRock’s Gordon Ibrahim halts bets on sterling before vote

BlackRock’s Gordon Ibrahim is bailing out on the pound. 

The currency’s heightened volatility before the UK’s looming vote on its EU membership means the pound is trading “entirely outside any investment models,” according to the London-based portfolio manager within BlackRock’s Model-based fixed-income business.

Mr Ibrahim, whose unit has $43bn (€37.7bn) of assets under management, is aiming to close all sterling positions as the referendum approaches, he said.