Both Mr Trump and Hillary Clinton, the frontrunner for the Democratic presidential nomination, have pledged to plough money into infrastructure, and to ditch a tax break worth billions of dollars to private equity and hedge fund managers.

Some investors highlight healthcare as a sector that could suffer under Mr Trump, who has repeatedly promised to abolish Obamacare, the law that expanded access to care and the biggest medical programme for the poor in the US.

Other fund managers suggest shorting container shipping companies to prepare for a Trump presidency, as a break-up of trade agreements and the imposition of trade barriers could hurt trade, or betting against listed hedge funds and private equity firms in anticipation of more stringent taxation.

Mr Clunie recalls the run-up to the 2014 Scottish referendum on independence from the rest of the UK, when few financiers were prepared for the possibility of Scotland opting for independence.