Credit Suisse CSGN.S saw more than $450 million in net outflows from its U.S. and European managed funds from March 13 to 15, Morningstar Direct said on Friday, as retail and institutional counterparties pulled money out of funds managed by the embattled Swiss lender.
A logo is seen on the headquarters of Swiss bank Credit Suisse on Paradeplatz in Zurich, Switzerland March 16, 2023. REUTERS/Denis BalibouseLONDON, March 17 - Credit Suisse saw more than $450 million in net outflows from its U.S. and European managed funds from March 13 to 15, Morningstar Direct said on Friday, as retail and institutional counterparties pulled money out of funds managed by the embattled Swiss lender.
The more than 300 European funds managed by the bank had an estimated net inflow of just over $14 million on March 13.On March 15 there were net outflows of just over $211 million, it said. More than 20 U.S. funds tracked showed a $22,000 net outflow on March 13 which widened to $20 million the next day and to $29 million on March 15, Morningstar said.Data after March 15 was yet to be collected and not all funds report daily, Morningstar said. The data included open-end funds and exchange traded products, it said.
Credit Suisse shares hit record lows on Wednesday after its main shareholder, the Saudi National BankOn Thursday, the bank tapped the option of a $54 billion loan from the Swiss National Bank, helping the shares to recover.The lender confirmed last month that clients had pulled out 110 billion Swiss francs of funds in the fourth quarter while the bank reported an annual loss of 7.29 billion Swiss francs , its largest since the 2007-08 financial crisis.
Credit Suisse Group's average liquidity coverage ratio, a measure of how much cash-like assets the bank has,Reporting by Nell Mackenzie; Graphics by Vincent Flasseur; editing by Dhara Ranasinghe and Jason Neely
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