The next financial crisis is likely to be in the “shadow” non-bank lending sector, UBS chair Colm Kelleher has said, warning that the growth of lightly regulated private markets since the 2008 crisis is a “real cause for concern”.
Speaking at a finance conference in Hong Kong on Tuesday, Kelleher said he was making the remarks “at the risk of upsetting half the people in the room, some of whom are clients and competitors”.
However, he said, a large share of financial assets globally “are now in the non-bank financial intermediaries, the shadow sector . . . I think the next crisis when it happens will be in that sector, it will be a fiduciary crisis”.
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