Credit Suisse records $4.4bn in outflows after UBS deal – Bloomberg
The largest single-day outflow was recorded on 21 March at almost $813 million
After Credit Suisse Group AG agreed to be acquired by rival UBS Group AG, Credit Suisse's European funds experienced $3.8 billion in net redemptions between 20 March and 6 April, while US funds lost another $575 million.
This is reported by Bloomberg.
It is noted that these figures include only funds that report daily performance and do not reflect the full picture of Credit Suisse's asset management.
The outflow underscores the difficulty of retaining clients after UBS agreed to acquire its local rival in an emergency takeover with government support.
According to Johann Scholtz, equity research analyst at Morningstar, the absolute figure "sounds dramatic", but the outflows represent only about 2.5% of the combined financial institutions' assets.
Background. Earlier, Mind reported that Credit Suisse had hid more than $700 million from the US government.
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