Asset Management

The early pandemic warning that woke up Wall Street

The calls held for managers of Wellcome’s $33bn endowment served as one of the earliest known warnings to investors about the coming impact of a disease for which humanity had no immunity

The warning was stark.

It was late January, and there were just six known cases of Covid-19 in the US. A leading infectious disease specialist who previously had battled Ebola and SARS had an alarming message for a group of money managers: It was about to get a lot worse.

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