Northern Trust's chief investment officer has said that the large US asset manager is working on the basis that central banks around the world will pull back too late from their fiscal packages aimed at stimulating their countries' economies.

Bob Browne, chief investment officer at the large US asset manager, which has $610bn (€407bn) in assets under management and $3.6 trillion under custody, said that the world's central banks would struggle to navigate the global economy successfully through the crisis.