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Stock impact report

Wealth managers rein in leverage as clients battle markets downturn-sources [Reuters (UK)]

Credit Suisse Group American Depositary Shares (CS) 
Company Research Source: Reuters
Wealth managers rein in leverage as clients battle markets downturn-sources - Reuters 5 Min Read HONG KONG/ZURICH (Reuters) - Global wealth managers are cutting some credit they extend to rich clients as a worldwide markets rout triggers margin calls, even as others see opportunities to help entrepreneurs plug liquidity gaps, people with knowledge of the matter said. Private banks including Credit Suisse Group AG ( CSGN.S ), Julius Baer Gruppe AG ( BAER.S ), and UBS Group AG ( UBSG.S ) use lending as a key part of their business to grow their assets and lock in clients. Wealth managers profit from the interest they charge on so-called Lombard loans - credit secured against a basket of securities as collateral - as well as fees from the increase in assets under management generated via credit. But wild swings in markets have triggered margin calls on money loaned to clients to buy stocks and other assets. “There is almost no new conversation happening with clients on loans and it Show less Read more
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