The investment industry should find new sources of growth to help rebuild economies damaged by the coronavirus pandemic, rather than recycling existing wealth, pension and money management executives said.
As the world emerges from the ongoing health crisis, investors should focus on sectors where growth has stagnated over recent years, speakers at the second day of the Pensions and Lifetime Savings Association's annual investment conference agreed Wednesday. They said the pandemic has shown the extent to which economies rely on delivery or home-care workers, examples of areas of investment where investors should look for the next growth opportunities.
Far too much of the investment industry is focused on investing and reinvesting into areas that have already performed well, said David Stewart, CIO of British Airways Pension Investment Management, which oversees £25.5 billion ($35.3 billion) in retirement plan assets.
Speaking during a panel discussion, Mr. Stewart said that the pandemic has shown that investors need to do more to ensure that equal opportunities are available to people and to tackle stagnating living standards.