What: Investors continue to head for the exits on certain ASX shares this morning after the shock ‘Brexit’ referendum result.

Companies with exposure to the United Kingdom (UK) such as funds management giant BT Investment Management Ltd (ASX: BTT) are experiencing the brunt of the selling with the stock down around 9% in Monday morning trade.

So What: For those wondering why BT – an Australian-based funds management company with significant exposure to the Australian superannuation industry – is in the firing line regarding the results of the referendum it is because of a decision made back in 2011.

In 2011, BT acquired a large London-based boutique active equity manager called JO Hambro Capital Management (JOHCM). Investors appear to be concerned that a ‘Brexit’ could have negative ramifications for JOHCM. However a release to the ASX today is worth noting.

According to the announcement, BT has advised that there are no immediate changes to the way its UK-based business JOHCM manages its funds, or to the structure of the business.

Now What: Shareholders of Westpac Banking Corp (ASX: WBC) – which remains a significant shareholder in BT – will no doubt be pleased that Westpac reduced its shareholding in BT last year to approximately 30%. The timing of this sale is good in hindsight.

Selling today however will arguably turn out to not be so well timed given the share price has slumped close to 40% since the beginning of the calendar year.

The long-term outlook for BT’s overall business appears sound (to me) and rather than selling, the current volatility could create an appealing long-term buying opportunity.

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Motley Fool contributor Tim McArthur has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.