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Credit Suisse saw record fund outflows during March turmoil, data shows

Published 04/21/2023, 05:36 AM
Updated 04/21/2023, 04:48 PM
© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen in front of a branch office in Bern, Switzerland November 29, 2022. REUTERS/Arnd Wiegmann

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.

© Reuters. FILE PHOTO: A view of an entrance of a Credit Suisse U.K. Limited in London, Britain March 20, 2023. REUTERS/Henry Nicholls/File Photo

Turmoil triggered record withdrawal from Credit Suisse funds, https://www.reuters.com/graphics/CREDITSUISSEGP-FUNDS/jnpwybemmpw/chart.png

($1 = 0.9127 euros)

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