Credit Suisse advise clients to move assets out of UK as ultra-wealthy prepare to jump ship
Credit Suisse has advised its ultra-wealthy clients to consider moving assets out of the UK due to uncertainty around Brexit.
Wealth managers in London have 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 FT has reported.
They advised their ultra-wealthy clients that they might want to “accelerate” similar plans too before the rescheduled vote in parliament in early January.
Theresa May delayed a vote on her deal to leave the EU to the New Year last week with just 100 days to go until deadline day.
The move has increased the likelihood of Britain walking away without a deal and fuelled uncertainty in the markets.
Many super-rich investors have already started shunning UK-based assets and diversifying their portfolios outside of the country, particularly using offshore centres.
Multimillionaires are setting up investment accounts in places such as the Channel Islands and Switzerland, The FT reported in October, or are shifting the location of UK-registered trusts holding their wealth to outside the country.
A spokesperson for Credit Suisse said the bank “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”.