(Bloomberg) Fortress Investment Group LLC told investors that the emerging markets are at a beginning of a bear market that could rival the Asian financial crisis of 1997.The sell-off in emerging markets, which began in June, has led to a credit contraction that will last until at least March 2017, according to a letter to investors in Fortress Convex Asia Fund Ltd., signed by Singapore-based Chief Investment Officer David Dredge, and fund co-managers Nicholas Heaney and Andy Wong.
Fortress Says Emerging Markets Bear Slump to Rival 1997
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