Credit Suisse’s Fund Outflows Continue With $6 Billion Pulled
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Credit Suisse Group AG’s asset management arm saw clients continue to pull money from its investment funds this quarter, underscoring the challenges for UBS Group AG as it integrates its former rival.
Investors took out about $6 billion through June 22 from open-end funds and ETFs tracked by Morningstar Direct. The data covers funds holding more than $150 billion worth of assets, which is roughly equivalent to 40% of the investment unit’s total assets under management. It excludes money market funds, feeders and funds of funds.