BlackRock chief warns against holding cash during 'perfect storm'

Laurence Fink, chief executive officer and co-founder of BlackRock, said global economies and markets are in a 'perfect storm' but warned investors against sheltering in cash.

He said a combination of income equality, ageing populations and deleveraging economies in a low growth and low yield environment is the root of the problem. "We must, at every level, turn savers into investors," he said. "I will be the first to say that the asset management industry has not done a great job of helping investors take a long-term view. We have to offer guidance and provide answers. "Government too needs to take a longer-term investment perspective. Just as individuals and institutions should understand that they cannot count on returns in one quarter or one year, go...