Leading US economist Robert Wescott says the opinion polls for the US Presidential elections suggest that Hillary Clinton will win and the US stock markets will remain stable - keeping Donald Trump out of power. 

The UK and Europe are heading towards recession, Chris Rice, European Fund Manager, Sanditon Asset Management, warned the Morningstar Investment Conference in London today.

Mr Rice, speaking about the ending of QE, he said the stability that QE brought was ending and being replaced by slowdown and potentially recession.

He told hundreds of delegates: "It feels like, smells like every single slowdown I've ever known. We will likely move into recession."

He joked that QE had been "good for old people" - it had helped preserve wealth for older people by maintaining stability and pumping money into bonds, underpinning their savings.

As a result, he said, the 'Bank of Mum & Dad' was now the 10th biggest lender in the UK with wealthier parents helping their impoverished offspring to get on the increasingly unaffordable housing ladder.

In terms of world economic trends, it seems as if the Americans had taken a step back from rapidly increasing bank rates in the near future for fear of damaging wobbly markets, he said.

"The drops in in equity markets have scared central bankers," he said.

However, with the ending of QE more normal cycles were returning and that included indications that the long bull run market was over and a more pessimistic bear market was emerging which advisers and investors would have to get used to and react to.

He said he was already looking towards defensive stocks such as pharma and consumer defensives less prone to recession. Markets would be depressed for a time.

Cash was the obvious defensive position, he said, but many had tried to find every alternative apart from cash. The classical bear market sectors would re-emerge, he believed.

Mr Rice said that indications were that the slowdown had started over a year ago and economic indicators suggests that economies were slowing down around the world although a dramatic decline was not on the cards.

Guy Sears, interim chief executive of the Investment Association, says Mifid II legislation on funds introduces a "paradigm shift" in transparency for the British investor and was one example of influenc by Brussels.

Speaking at the Morningstar Investment Conference today about Brexit he cited Mifid II as one of the pieces of EU legislation that would have a profound effect on UK fund management in the very near future.

Just one example, said, was the tighter control on inducements from fund managers to advisers such as invitations to sporting events or other entertainment. The FCA was already having to put this into effect and it was something that the sector would have to get used to.

It would be a "hugely dramatic" change, he said.

He told hundreds of delegates at the Morningstar Investment Conference in London today that Mifid II legislation would also ask fund managers about the total cost of ownership for the investor and "that's never happened before". It would ask what costs look like from the customer's point of view for the first time.

These were just some of the profound changes from the EU affecting the UK fund management sector and this could change radically if the UK voted for Brexit.

Overall, he said, there were many indications that EU membership had been to the UK's benefit but if the UK votes for Brexit the effects "either way" would be short term.

Asked what direct impact Brexit could have on the industry he said it would depend on the nature of each fund management company, with some more affected than others. Those who rellied on European 'passports' to sell around Europe would have to consider their strategy.

Ucits funds could also be impacted as most were domiciled in other EU states, he said, and a vote to leave would put the UK outside the EU and potentially Uctis legislation.

He said: "I can see some business models will see a real impact quite quickly and for others it will be more general and depend on the impact on the economy."

The industry has a very long way to go to improve fund fee transparency with investors remaining baffled when it comes to understanding fees, delegates heard during a lively panel debate on fund fee transparency at the Morningstar Investment Conference 2016 in London today.