Brexit will have effect on portfolio: Sir Rabbie

The National,Tuesday June 28th, 2016

THE breakaway of Great Britain from the European Union will have a significant effect on the portfolio of the Kina Asset Management Limited, chairman Sir Rabbie Namaliu says.
“As you all are aware, the United Kingdom voted to leave the European Union last Friday. This has had an impact on the local market,” he said.
“There may be sound effect on the portfolio result.”
Meanwhile according to Reuters, Britain plunged deeper into a political crisis on Sunday after its vote to leave the European Union, leaving world officials and financial markets confused about how to handle the political and economic fallout.
Britain’s Prime Minister David Cameron is expected to stay on in a caretaker role until the United Kingdom Conservative Party elects a new leader in about three months.
He announced on Friday that he would resign in October.
But he had refused to invoke Article 50 of the European Union’s Lisbon Treaty, which allows for two years of exit negotiations.
But in spite of the changes, Namaliu said KAML had maintained the allocation to strategic assets.
He said KAML aspired to provide investors with a way to participate in investment opportunities.
According to KAML’s website it stated that its overtime aim is to  provide a positive rate of return to shareholders via a combination of capital growth and income.
It is committed to ensuring that all investors remained well informed on the progress of their asset holdings and in its role in the commercial expansion of PNG.