Market Chatter: UBS Mulling Crypto Portfolio Options in Bid to Keep Wealthy Clients
03:10 PM EDT, 05/10/2021 (MT Newswires) -- Swiss bank UBS Group (UBS) is weighing crypto investment options for rich clients it fears will otherwise defect, Bloomberg reported on Monday, citing unidentified sources.
UBS is "in early stages" of considering many options for providing access to the asset class, the business news service reported, citing those sources, who said alternatives include investments through third party funds.
Any cryptocurrency offering is expected to target a very small portion of the customers' total wealth because of the volatility, Bloomberg reported.
The UBS initiative follows similar efforts by rival US and Swiss wealth management firms in response to strong customer demand, with the bank concerned it may lose clients if it doesn't offer access to digital currencies, according to Bloomberg.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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