Investors keep record cash on election fears: UBS

New York

WEALTHY US investors are holding record cash balances out of fear that the US presidential election will wreak havoc on their retirement accounts, a senior UBS Group AG executive said.

Bob McCann, who chairs the Swiss bank's Americas division, said in an interview this week that clients are confident about the economy but are hesitant to invest because the Nov 8 election seems so unpredictable.