CS - Credit Suisse suffers fund outflows of $5.6B since UBS deal - report
2023-04-17 11:48:57 ET
Over the three weeks since its shotgun marriage with Swiss rival UBS Group ( NYSE: UBS ), Credit Suisse ( NYSE: CS ) funds have seen net outflows swell to $5.6B, Financial News reported Monday, citing data from Morningstar.
Most of those outflows, derived from around 300 European and U.S. domiciled Credit Suisse ( CS ) funds, was likely a result of investors' concerns about the bank's health and the stability of the country's banking sector, Laith Khalaf, head of investments at online platform AJ Bell, told FN.
Between March 23 and April 6, investors pulled out an additional $2.5B from Credit Suisse ( CS ) funds, the latest Morningstar figures showed, signaling still-high uncertainty about the government-brokered $3.25B merger.
Credit Suisse ( CS ) declined to comment, the article said .
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Credit Suisse suffers fund outflows of $5.6B since UBS deal - report