Big investors scale back risky bond exposure after storming rally
BlackRock and Fidelity International among asset managers betting credit rally has run out of road
BlackRock and Fidelity International among asset managers betting credit rally has run out of road

A vast distribution network helped the asset manager navigate the shift to passive investing, but new challenges are looming

Only the wilfully ignorant can fail to see that risk-taking is running at an alarmingly aggressive pace

When the going gets tough, investors are struggling to find a place to hide

But more optimistic investors continue to bank on the cavalry arriving if things get really dicey

Rapid growth of $2tn market has led to hastily done deals and hurried due diligence, say fund managers

Big groups including Apollo, Ares and Blackstone were hit with redemption requests at start of 2026