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Credit Suisse Clients Flee to UBS in Asia as Rich Weigh Options

  • UBS said to receive interest from hundreds of clients
  • Credit Suisse outflows likely worst since financial crisis
Bloomberg business news
WATCH: Credit Suisse’s wealth management clients are fleeing UBS in Asia. Tom Metcalf reports.Source: Bloomberg

UBS Group AG has seen significant inflows into its Asia Pacific wealth management over the past three months from clients fleeing Credit Suisse Group AG, as its smaller Swiss rival struggles with a crisis of confidence.

Hundreds of wealthy customers have sought to place their funds with UBS in the key growth region, and the bank is planning to re-allocate staff to handle these expanding accounts, people familiar with the matter said. Morgan Stanley is also among the banks benefiting from the historic outflows at Credit Suisse, the people said.