Marathon Asset Management boss Bruce Richards is gearing up for the next global recession, which he reckons could be less than two years away.
The chief executive officer of the credit hedge-fund firm is planning a new distressed fund to take advantage of the opportunities created by another world slump. It could start raising capital as early as the second half of 2018.
"Are we going to slip into a recession?" Richards said at the Legends 4 Legends conference in Amsterdam last week. "When is our next default cycle? It's not this year or next year, but possibly in 2019."