And now, the chief investment officer of Europe’s biggest independent asset manager agrees with him, because while for much of 2019 the biggest risk bogeymen were corporate credit, leveraged loans, and trillions in negative yielding debt, gradually consensus is emerging that investment funds themselves may be the basis for the next liquidity crisis…..“Market making is falling off a cliff at the level of individual banks, but creating a systemic problem,” Blanque told Gilbert. “The banks are less risky – but the risks have been shifted to the buy side.”
