Howard Marks, the head of turnaround specialists Oaktree Capital Management, has warned that low interest rates are pushing investors into riskier deals and that the financial services industry is heading towards another crisis.

Speaking at a Copenhagen buyout conference held by trade body the European Private Equity and Venture Capital Association, the Oaktree Capital Management chairman warned excessive use of the high yield markets and a rising number of initial public offerings showed the financial crisis had been forgotten.