Fidelity CEO Richards calls for new retail vehicle to support UK rebound

Covid-19 fund suggested

The asset management industry should create a "bold and ambitious" new product to help find a long-term, sustainable way of ensuring businesses survive once the coronavirus abates, according to Fidelity International CEO Anne Richards.

In a post on LinkedIn, Richards said the response so far to the crisis facing many businesses up and down the country, which has come in the form of emergency liquidity through loans and guarantees, was "an effective quick fix". "It is only a short-term fix though. Ultimately, excessive indebtedness will dampen future growth and productivity," she countered. Larry Fink tells investors to expect a 'cascade of bankruptcies' - reports "We need only look at the experiences of the West following 2008 and Japan in the 1990s to understand that a heavy debt hangover can have real economic ...