Global capital markets are heading for an era of much slower growth as the financial crisis and recession have changed the dynamics of the world economy and investable universe.
After a 30-year expansion and a near quadrupling in size since 1980, the growth in the financial markets has ground to an abrupt halt, no longer driven by private debt and equity, says McKinsey Global Institute, a think-tank affiliated to the consultancy.
Charles Roxburgh, a director at McKinsey, said: “The big drivers of growth in the past 30 years have been deregulation, the impact of technology and the innovation of securitisation. They have fuelled growth in private debt and equity.
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