Moody’s has downgraded its outlook on the entire asset management industry to negative, following a brutal three weeks of coronavirus carnage in the markets. Some of the UK’s largest managers have lost more than a quarter of their combined market value. 

In a statement released on 23 March, the rating agency said it shifted its sector overview from stable following the “precipitous drop” in assets under management endured by the industry over the past 30 days.