Swiss private banks have seen a sharp rise in British clients who are moving ass...
ZURICH - Swiss private banks have seen a sharp rise in British clients who are moving assets offshore to escape a chaotic Brexit, several sources familiar with the situation told Reuters.
“In recent months the number of accounts opened from Britain has trebled,” one person at the wealth management arm of a large international bank in Switzerland said. The British pound has lost 17-18% against the dollar and the euro since the UK’s vote on EU membership in June 2016. With just weeks to go before Britain’s deadline to leave the EU on Oct. 31, the terms of the UK’s departure, and possible ramifications for its economy, are still unclear.
A source at the Swiss wealth management arm of a second international bank said rich Britons were particularly afraid that the Labour Party led by Jeremy Corbyn would win an expected UK election soon and find ways to get a share of their money.Swiss banks like UBS and Credit Suisse are among the world’s biggest wealth managers, favored in part for Switzerland’s economic and political stability. The Swiss franc is also popular as a safe-haven investment at times of uncertainty.
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