Asia Pacific registered the lowest amount of outflows for Credit Suisse across markets in the third quarter 2022, making it the lone region to record positive net new assets in 2022.
Credit Suisse posted a net outflow of 1.2 billion Swiss francs ($1.21 billion) for the Asia Pacific region in the third quarter, according to the bank’s financial results, compared to a positive inflow of 3.5 billion francs in the same period last year.
This was the lowest amount compared to the other regions (Switzerland, EMEA and Americas), which also all saw negative figures, with the group totaling 12.9 billion francs in net outflows.
Breakdown of Flows
Despite the outflows for the quarter, the APAC region registered net new assets of 3.6 billion francs overall for the first nine months of 2022, making it the lone region to achieve positive flows this year. The group as a whole saw 12.7 billion francs of net outflows during the same period.
Credit Suisse saw assets flee across units in the third quarter including 6.4 billion francs of net outflows in the wealth management division, primarily driven by the Middle East, Asia Pacific and Swiss ultra-high net worth businesses.
Mainly Traditional Investments
The asset management division saw 4.2 billion francs of outflows mainly from traditional investments like index solutions, equities and fixed income, as well as alternatives, especially from credit. The Swiss bank also saw outflows of 1.5 billion francs driven by the private clients business.
Overall, the bank’s assets under management (AUM) fell 13.7 percent year-on-year to 1.4 trillion francs due to both outflows as well as unfavorable market movements. The APAC unit’s AUM decreased 11.8 percent to 249.3 billion francs.
