Dan Ivascyn, group chief investment officer at Pimco, the US bond house, singled out the ongoing trade war between the US and China as one of the biggest risks facing investors in the coming months, warning a meaningful deal to end the year-long standoff between the world’s two largest economies will be elusive.

“We think over the course of the last several weeks, the US administration has begun to appreciate the negative knock on effects to the economy,” said Ivascyn, speaking exclusively to Financial News as part of the 2019 Money Masters investing special.