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- Man Group CEO Luke Ellis says equities have yet to bottom out.
- Ellis thinks a "significant number" of banks will close in the next two year, he said at the Bloomberg Invest conference.
- Depositors may take their money to larger institutions, he says, on fears regional banks won't be bailed out.
More pain is headed for stocks as turmoil in the banking sector hasn't passed, according to Man Group CEO Luke Ellis.
"We have a big sell off somewhere in our near future," Ellis, the head of the $143 billion asset manager and the world's biggest public hedge fund, said at the Bloomberg Invest conference Wednesday.
Equities have not yet bottomed in the current market cycle, he said, citing potential for credit risks or volatility from corporate earnings.