Rich investors shun stocks over Donald Trump and Brexit

Rich investors are shunning stocks because of concerns about the political impact from Donald Trump’s administration and Brexit, according to Christian Nolting, chief investment officer at Deutsche Bank’s wealth management unit.

“People are still cautious; there is still demand for bonds and people are not ready to move into the more risky equity space,” Nolting said in an interview. The perception “is that there are a lot of risks out there and a lot of uncertainty.”

Markets have been reeling from unexpected events including Britain’s vote to leave the EU and the election of Trump. Populist candidates in the Netherlands, France and Germany are stoking fears of a breakup of the EU, adding to the uncertainty.