Outflows from Credit Suisse branded investment funds have accelerated in the weeks since its historic merger with Swiss rival UBS, as investors continue to redeem billions of dollars.
Data provided to Financial News by Morningstar shows net outflows from around 300 EU and US domiciled Credit Suisse CSGN CS funds have reached $5.6 billion over the three weeks since the tie-up. “It is fair to say that there is still uncertainty around the deal and the potential impact that it may have on Credit Suisse Asset Management,” Johann Scholtz, an equity analyst at Morningstar told FN.
The flows data does not include all the asset manager’s funds in Europe and the U,S,, and represents only those funds that report daily figures to Morningstar. The $3.25 billion tie-up between UBS and Credit Suisse — the biggest merger between two systematically integral banks since the 2008 global financial crisis — also combined the banks’ respective asset management units, creating Europe’s largest money manager with $1.5 trillion.
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