December 6, 2018 / 10:28 AM / 7 days ago

Investors grow cautious on UK assets ahead of key Brexit vote: survey

FILE PHOTO: An anti-Brexit placard is fixed to traffic barriers opposite the Houses of Parliament in London, Britain, October 9, 2018. REUTERS/Simon Dawson/File Photo

LONDON (Reuters) - Institutional investors have grown more cautious about the outlook for British assets ahead of a key vote on Brexit in Parliament next week, according to a quarterly survey by State Street Corporation (STT).

The proportion of investors looking to raise their holdings of UK assets fell to 15 percent from 21 percent in the third quarter, indicating the investor base is growing wary as Brexit talks approach a crunch point.

The so-called “Brexometer” index was conducted in the first week of November by State Street, which manages $2.7 trillion in assets globally.

Prime Minister Theresa May is battling to get a Brexit deal that she negotiated with the European Union through parliament in a vote scheduled for Tuesday with the treaty facing heavy opposition from lawmakers both for and against Britain leaving the bloc.

Reporting by Saikat Chatterjee; Editing by Tom Finn

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