'It's time to hold physical cash,' says one of Britain's most senior fund managers

The manager of one of Britain’s biggest bond funds has urged investors to keep cash under the mattress.

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Ian Spreadbury, who invests more than £4bn of investors’ money across a handful of bond funds for Fidelity, including the flagship Moneybuilder Income fund, is concerned that a “systemic event” could rock markets, possibly similar in magnitude to the financial crisis of 2008, which began in Britain with a run on Northern Rock. “Systemic risk is in the system and as an investor you have to be aware of that,” he told Telegraph Money. More...