Credit Suisse warns of UK risks to assets – report

Tuesday, 18. December 2018 08:51

Clients with assets managed by Credit Suisse Group AG were asked to consider moving them out of the United Kingdom after Prime Minister Theresa May's postponement of the Brexit vote in Parliament, the Financial Times wrote on Tuesday quoting anonymous insiders including bankers.

Following the delay on December 10, wealth managers based in London contacted the bank's top clients and informed them that an extended period of "turmoil" had already sparked a mass movement of assets overseas. Ultra-wealthy clients were also advised to "accelerate" such plans before British lawmakers vote next month.

However, other bankers that the news outlet interviewed said that despite the political instability, it was unusual to make such a direct request. An unnamed person familiar with the matter stated that clients would not be advised to take their "money out and run" and that the role of wealth managers was to "calm some of the hysteria."

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