Chocolate Finance takes S$500 million hit from 2 weeks’ run of redemptions; looking to return to business as usual
CEO sees the orderly manner in which platform handled the deluge of withdrawals as a success
Add BT as a preferred source
[SINGAPORE] Around S$500 million in net withdrawals were made by Chocolate Finance’s customers – slashing the firm’s assets under management (AUM) by some 40 per cent – amid a run over the past two weeks.
But founder and chief executive Walter de Oude is adamant that it was in no way a “meltdown”.
In fact, he sees it as a success that the asset manager’s platform was able to handle the deluge of withdrawals in an automated and orderly manner.
TRENDING NOW
What makes a good job? Feeling that you matter
Lermit Road bungalow owned by family of Dennis Lee’s son on the market at S$98.8 million
A ‘shadow bank’ hiding in Singapore’s Little India casts light on financial services gap
Keppel DC Reit prepares Singapore data centre for potential redevelopment; H1 DPU up 11.3%
