European markets are down but stable in early trading after the Greek people voted against further austerity, with the UK's leading index hit least hard.
In the first morning's trading since the outcome of the Greek referendum, the FTSE 100 is down 0.52% to 6,551 at 10am. The German Dax fell 1.06% to 10,941 and the Cac 40 was 1.27% lower at 4,747...
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BofA Merrill Lynch survey
Investment sector reaction
Multi-asset managers have started reinvesting their high cash positions, with many topping up European exposure as Greece finally reaches a new deal with its creditors.
The bond market faces "strong headwinds" for some time as summer volatility returns and markets anticipate interest rate hikes, according to Invesco Perpetual's fixed income team.
For smaller and medium firms
'There will be more consolidation'
Fee-based revenue fell 13%