The near-term outlook of money managers around the world has turned decidedly grim, with seven in 10 expecting a U.S. recession this year, a survey showed on Monday.
However, more than a third of the institutional fund managers in Asia, Europe and North America who took part in the poll conducted in February are actively seeking opportunities in illiquid securities, suggesting some investors see a bottom in the market.
Most investors are still reeling from the credit crisis, which has touched just about every financial market in the world. About a third of the 234 fixed-income and equity investors in the survey conducted by research consultancy Greenwich Associates said they they have suffered losses due to mortgage-backed securities.
"Growing fears of systemic risk and doubts about the soundness of some counterparties show that investors are increasingly worried about the ability of some markets to function properly on a much broader level," Greenwich Associates consultant Frank Feenstra said in a note.
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