Credit Suisse denies telling clients to move UK assets offshore

Wealthy clients were reportedly advised to ‘accelerate’ plans to shift investments

Credit Suisse has downplayed reports that its wealth managers are advising clients to consider moving assets out of the UK because of a lack of clarity around Brexit.

The Financial Times said after UK prime minister, Theresa May, delayed a vote on her deal to leave the EU, advisers in London contacted their top customers to warn that a prolonged period of “turmoil” had already caused a rush of clients wanting to “move assets offshore”.

The Swiss bank said it “does not currently hold a house view that clients should move assets out of the UK due to Brexit or other political developments in the UK”.

Strategy

Wealthy clients were reportedly advised that they might want to “accelerate” similar plans before the rescheduled vote in parliament in early January.

Clients are apparently looking to set up investment accounts in places such as the Channel Islands and Switzerland or are shifting the location of UK-registered trusts to outside the country.

The sell-off in sterling-denominated assets has accelerated since parliament shelved its Brexit vote last Monday, sparking a sharp drop in the pound and extending the decline for UK stocks this year to 7%, compared with an average of 3% around the world.

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