Anne Richards warns of looming solvency crisis - reports

Industry 'cannot fix problems alone'

Anne Richards, CEO of Fidelity International, has warned of a solvency crisis in public businesses as economies emerge from lockdown, which the asset management industry will not be able to fix alone, the Financial Times has reported.

She said multiple businesses would require a capital injection to offset the debt accumulated during the crisis, but added that businesses must ensure access to as many pools of capital as possible: "The [asset management] industry is not going to be enough to solve this solvency problem." Anne Richards: Asset managers must unite to save capitalism Many businesses have received funding from government and central banks they will need to repay - the scale of which is so great, according to Richards, that it is "either going to be written off or sit on balance sheets, where it will have...