Exact figures on Credit Suisse's business performance aren't expected until UBS publishes second-quarter results at the end of August. But Credit Suisse funds and ETF data don't bode well for its asset management unit.
Credit Suisse's asset management division saw further outflows of client money from its mutual funds in the quarter ending Friday, according to a «Bloomberg» (behind paywall) report citing Morningstar data through June 22.
Since the beginning of April, investors pulled around $6 billion from a pool of Credit Suisse products with a volume of about $150 billion dollars which is about 40 percent of the unit's assets under management. Money markets and funds of funds, are not included in the tally.
Significant Decline Since 2021
Assets under management at Credit Suisse's investment unit were 477 billion Swiss francs ($533 billion) at the end of 2021, falling to 399 billion francs by the end of the first quarter.
The data indicate the performance of its asset management business and underscore the significant challenges UBS faces in integrating its former rival.
Client money outflows and an acute crisis of confidence in Credit Suisse, led to the federally mandated emergency takeover of the major Swiss bank by its rival in March.
