The U.S. presidential race is more worrying than the possibility that Britain will exit the European Union, star fund manager Richard Buxton said Tuesday.

“It is just not going to happen,” said the CEO and fund manager at London-based Old Mutual Global Investors, referring to the possibility the U.K. will withdraw from the 28-nation bloc.

Why is he so sure the push for a “Brexit” will flop?

U.K. voters are “inherently conservative with a small ‘c,’” and they are not going to back radical change unless there is a real crisis, Buxton told an audience at the Morningstar Investment Conference in London.

Read more:5 arguments for “Brexit” — and 5 against

He noted that bookmakers haven’t budged much in their odds of the U.K. staying in the EU, keeping them at around 2-to-1. Meanwhile, polls on the issue are unreliable, he suggested.

Buxton — who has played down the chance of a Brexit before — said he’s “sick” about talking about the U.K.’s in/out referendum on EU membership, scheduled for June 23.

“I’m far more worried about U.S. politics,” he said.

He noted bookies see Hillary Clinton becoming president, giving her 2-to-1 odds, and he indicated that he expects the Democratic candidate will win.

But Buxton said at some point before the November election, there will be a moment when “markets panic” about the possibility of Donald Trump moving into the White House.

The pound GBPUSD, +0.02% has been whipped around against the dollar as investors grapple with uncertainty about the outcome of the Brexit vote. Sterling hit a seven-year low earlier this year against the dollar after then-London Mayor Boris Johnson became the highest profile backer of efforts to lead the U.K. out of the EU.

Buxton has been called a “star investment manager,” but his fund’s performance hasn’t been that dazzling last year and this year.

This story was first published on May 10, 2016.