The Business Times
business-time-50

Clients rebalancing portfolios to deal with Credit Suisse fallout, say wealth managers

google-preferred-sourceAdd BT as a preferred source
Angela Tan

Angela Tan

Published Thu, Mar 23, 2023 · 07:13 PM
    • Credit Suisse's rescue by UBS has led to an unnerving few days for investors, after holders of the Swiss bank's perpetual instruments were wiped out.
    • Credit Suisse's rescue by UBS has led to an unnerving few days for investors, after holders of the Swiss bank's perpetual instruments were wiped out. PHOTO: REUTERS

    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.

    credit suisseBankingPrivate bankingBanksDBSUOBBondsMonetary Authority of Singapore

    TRENDING NOW

    The freehold corner site in Lorong Liput is near Holland Village MRT station.

    Three Holland Village shophouses sold for S$70 million to Tat Lee Bank’s Goh family unit

    The onset of El Nino is also seen as a tailwind, as average crude palm oil prices have historically surged during the weather event.

    Palm oil stocks set to surge as Indonesia said to be scaling back export overhaul: analysts

    After the divestment of White Sands mall (above), FCT’s retail portfolio will comprise eight suburban properties. 

    Frasers Centrepoint Trust to sell White Sands mall for S$467 million

    Vincent Tan, founder of Berjaya Group, has reduced his holdings in multiple companies within the group.

    Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More