Billionaires look to exit equities after turning quick profit by HughesNeghaiwi JessopReuters
FILE PHOTO: The logo of Swiss bank UBS is seen at a branch office in Basel, Switzerland March 2, 2020. REUTERS/Arnd Wiegmann/File Photo
During the rout in stock markets across the globe in March, UBS’ richest customers took out loans to place billions into crashing stock markets. They are now looking to pull that money from equities and put the profits in illiquid and private assets, UBS’ head of global family offices told Reuters. “We had record loans written during the middle of March and the middle of April, of significant family offices who asked us for balance sheet and then went into the market,” Josef Stadler said in an interview. “They bought, for example, U.S. equities, but they didn’t buy $50 million. They bought a billion-plus of those equities to rebalance. And they made a lot of money.”
Stadler said the trend had largely been seen in Asia and he expected it to accelerate in the last quarter of 2020 and into the early months of 2021. As a consequence, he expected equities markets to soften throughout the rest of this year.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UBS will no longer be able to contest client data sent to France tax authorities: Swiss courtUBS will no longer be informed or be able to contest customer data the Swiss tax authorities hand over to counterparties in France investigating alleged tax avoidance, a Swiss court said on Wednesday.
Read more »
K-Swiss is Releasing a 'Harry Potter' Sneaker and It’s Now #1 On My Shopping ListK-Swiss is Releasing a 'Harry Potter' Sneaker Inspired By the Firebolt Broomstick
Read more »
Swiss Chard Stalk Pesto with Pepitas Recipe on Food52I love Swiss chard, but I hate the stalks...don't we all? But when one buys two pounds of chard, one inevitably inherits about 12 ounces of stalks, and that is a lot of food to be wasted. And although the stalks do not belong in a bowl of creamed chard, they make for a really tasty and sustainable pesto. (I did not forget the cheese in this recipe, but I found the pesto tasty enough without it. But if you really would like to maintain the integrity of the dish called pesto, about 3 ounces of Pecorino Romano will not hurt.)
Read more »
Swatch Group free to supply watch movements - Swiss watchdogSwatch Group will be free to supply mechanical watch movements to whomever it wants even though it still has a dominant market position for these essential watch parts, Swiss competition watchdog WEKO said on Wednesday.
Read more »
Rabbi who was injured in deadly synagogue attack pleads guilty to tax fraud schemeThe founder of a Southern California synagogue that was attacked last year in what prosecutors have called a deadly hate crime has pleaded guilty to a multi-million dollar tax fraud scheme, authorities say.
Read more »