Clients rebalancing portfolios to deal with Credit Suisse fallout, say wealth managers
SINGAPORE’S wealth managers say their clients are making portfolio adjustments in reaction to recent banking instability, but inflows continue to be strong.
Aaron Chwee, head of wealth advisory at OCBC Bank, said he has noticed “more customers reaching out proactively to their relationship managers and client advisers to perform portfolio reviews and to rebalance their holdings to address concerns around the elevated volatility within the US and European financial sectors”.
Credit Suisse has been rescued by its Swiss rival UBS, days after a United States regional bank, Silicon Valley Bank, failed. The Credit Suisse takeover has been particularly unnerving for wealthier investors, as it also wiped out US$17 billion of the bank’s Additional Tier-1 (AT1) bonds.
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