In the run-up to the Brexit vote, the managers of Henderson Global Investors’ £4 billion UK property fund did their homework. They took their cash level close to its maximum of 15% and pulled in data on previous crises, ranging from the UK crashing out of the European Exchange Rate Mechanism to 2007/08. What they couldn’t control was the domino effect.

At 3.39pm on July 5, after being hit by a wave of requests from investors wanting to cash out of the fund, Henderson said it had "temporarily suspended all trading … to safeguard the interests of all investors". This followed similar moves from Standard Life, Aviva and M&G, the fund management arm of insurer Prudential.