Credit Suisse saw record fund outflows during March turmoil, data shows
4:40 pm Friday, April 21st, 2023
By Marc Jones
LONDON (Reuters) – Credit Suisse saw investors pull a record 4.6 billion euros ($5.04 billion) out of its funds at the height of the bank’s troubles last month, data published on Friday showed.
The data from Morningstar covered the whole of March, when a potential collapse of Credit Suisse saw Switzerland’s financial authorities orchestrate its emergency takeover by rival UBS.
The data also showed that Swisscanto, another Swiss asset manager, saw the second-largest inflow of funds after iShares in March, with an estimated 6.2 billion euros pouring in.
Overall, Europe-domiciled long-term funds experienced the first combined monthly outflow since November.
Going back over the last 12 months, the data also showed Credit Suisse’s funds, which Morningstar counts as either open-ended fund and exchange-traded funds, had seen money exiting every month apart from one.
Turmoil triggered record withdrawal from Credit Suisse funds, https://www.reuters.com/graphics/CREDITSUISSEGP-FUNDS/jnpwybemmpw/chart.png
($1 = 0.9127 euros)
(Reporting by Marc Jones; Editing by Amanda Cooper and Louise Heavens)
