(Bloomberg) -- Clients of Credit Suisse Group AG concerned over the turmoil the bank is currently experiencing are approaching Zurich rival UBS Group AG as an alternative for their investments, UBS Chairman Colm Kelleher said.
“We are not actively benefiting at their expense,” Kelleher said at a conference in London on Wednesday. “We view them as a worthy competitor, going through a crisis which I believe they will manage and get to safer ground. But we are also in a world of clients moving money around, where clients proactively approach us.”
UBS has seen significant inflows into its Asian wealth management business over the past three months as rich customers flee Credit Suisse, Bloomberg reported last week. That dynamic is contributing to the massive client outflows that are exacerbating the crisis of confidence at the smaller lender, and aiding the growth of assets under management at UBS.
Read More: Credit Suisse Clients Flee to UBS in Asia as Rich Weigh Options
“Do we let the money come to us or do we let it go to our American competitors?,” Kelleher said. “And on that basis we do what we can. We proud ourselves in being the world’s largest wealth manager and we intend to preserve that status.”
Read More: Credit Suisse Saw $88 Billion Outflows as Confidence Slumped
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