19 Nov 2018
A decade after a U.S. crackdown ended Swiss banking secrecy, rich Americans are flocking back to UBS (UBSG.S) as they look to diversify their investments in a volatile U.S. political landscape, a senior executive at the Swiss group told Reuters.
“The interest has increased, for political reasons and for reasons of diversification,” Juergen Wegner said in an interview, without elaborating.
Wegner is in charge of Swiss Financial Advisers (SFA), a subsidiary of UBS which handles funds that wealthy U.S. customers bring to Switzerland, historically seen as a safe-heaven destination for investments.
Although many U.S. customers continue to hoard money at home, they are increasingly interested in a broad diversification of their assets.
– By Angelika Gruber, Reuters, 16 November 2018.
Link to Reuters.
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