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

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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

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    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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    credit suisseBankingPrivate bankingBanksDBSUOBBondsMonetary Authority of Singapore

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