Another European fund manager runs into concerns over liquidity

COMPANIES AND governments need to borrow money for years or decades. But ordinary savers often want instant access to their nest-egg. That age-old mismatch is the origin of many of modern finance’s intermediaries, from banks to fund managers. They promise to lend money for long periods, backed by money they must return to their own creditors and investors at the drop of a hat. Aided by regulation, the arrangement usually helps savers to save and borrowers to borrow. The trouble is, it does not always work so seamlessly.