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It’s Time to Really Fret, Says Manager Who Beat 98% of Peers

  • Currencies, credit ripe for a correction: Allianz GI’s Riddell
  • Doubts central bank panaceas and expects ‘substantially worse’
Bloomberg business news
Global Coronavirus Cases Top 97,000
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Markets aren’t prepared for how severe the fallout of the global spread of coronavirus could get and the turmoil has only just started, according to the manager of a peer-beating fund.

The stark warning comes from Allianz Global Investors’ portfolio manager Mike Riddell, who oversees $4.7 billion for the company. “The speed of the market repricing has obviously been dramatic, however markets have only gone from pricing in no risk of anything to a moderate risk,” Riddell said in a phone interview. “Where we think markets can still move is in volatility.”