Credit Suisse saw record fund outflows during March turmoil
LONDON – 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.
ADVERTISEMENT
Overall, Europe-domiciled long-term funds experienced the first combined monthly outflow since November, the data showed.
($1 = 0.9127 euros)
Your subscription could not be saved. Please try again.
Your subscription has been successful.
READ NEXT
EDITORS' PICK
