UBS not in search of to profit from disaster at Credit score Suisse- chair By Reuters

© Reuters. FILE PHOTO: Colm Kelleher, Chairman of UBS Group AG, speaks throughout the International Monetary Leaders Funding Summit in Hong Kong, China November 2, 2022. REUTERS/Tyrone Siu

ZURICH (Reuters) -UBS will not be actively benefiting from the disaster at rival Credit score Suisse, UBS Chairman Colm Kelleher instructed a Monetary Occasions banking convention on Wednesday.

Credit score Suisse has reported sharp outflows as rich shoppers flip their again on the embattled Swiss financial institution.

“We aren’t actively benefiting at their expense. We view them as a worthy competitor going by way of a disaster which I consider they’ll handle,” Kelleher stated.

“However clearly we’re additionally in a world of shoppers transferring cash round so the place shoppers proactively method us we both let the cash come to us or we let it go to our American opponents and on that foundation we do what we will,” Kelleher stated.

He stated wealthy shoppers at UBS, the world’s greatest wealth supervisor, have been holding more money than at any time because the monetary disaster of 2008.

Kelleher touched on the scrapped $1.4 billion deal to purchase Wealthfront, an automatic wealth supplier with a U.S. focus that may have enabled the Swiss financial institution to increase within the mass prosperous wealth class.

“There was administration change in the USA, valuations have modified, different circumstances have modified,” he stated.

The chairman stated he felt the deal would have additionally sophisticated issues for the Swiss financial institution’s buyers and was not in step with the corporate’s in any other case clear U.S. technique.

Kelleher dismissed hypothesis of stress between himself and CEO Ralph Hamers. “Ralph and I get on phenomenally properly, we’re very complementary,” he stated.