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Black-Swan Funds Thrive as Wall Street Doomsayers Have Their Day

  • Former BoE policy maker says his new fund will hedge a crash
  • Assets chasing tail-risk funds jump to $5 billion in pandemic

Money manager Sushil Wadhwani could barely get a meeting started last year before clients started grilling him for advice on how to survive the next market crash.

So in February, the chief investment officer of PGIM Wadhwani duly launched a defensive fund that takes short positions in equities and buys haven currencies, among other things.