Credit Suisse managed funds’ net outflows top $450 million -Morningstar

By Nell Mackenzie

LONDON (Reuters) – Credit Suisse saw more than $450 million in net outflows from its U.S. and European managed funds from March 13 to 15, Morningstar Direct said on Friday, as retail and institutional counterparties pulled money out of funds managed by the embattled Swiss lender.

The more than 300 European funds managed by the bank had an estimated net inflow of just over $14 million on March 13.

By March 14 that had flipped to net outflows of $205 million, data provider Morningstar said.

On March 15 there were net outflows of just over $211 million, it said.

More than 20 U.S. funds tracked showed a $22,000 net outflow on March 13 which widened to $20 million the next day and to $29 million on March 15, Morningstar said.

Data after March 15 was yet to be collected and not all funds report daily, Morningstar said. The data included open-end funds and exchange traded products, it said.

Credit Suisse shares hit record lows on Wednesday after its main shareholder, the Saudi National Bank, said it could not invest more money for regulatory reasons.

On Thursday, the bank tapped the option of a $54 billion loan from the Swiss National Bank, helping the shares to recover.

Yet sentiment remained fragile and on Friday Credit Suisse shares were last down more than 10%.

The lender confirmed last month that clients had pulled out 110 billion Swiss francs ($118.71 billion) of funds in the fourth quarter while the bank reported an annual loss of 7.29 billion Swiss francs ($7.87 billion), its largest since the 2007-08 financial crisis.

Credit Suisse Group’s average liquidity coverage ratio, a measure of how much cash-like assets the bank has, did not change between March 8 and March 14, it said on Thursday.

($1 = 0.9266 Swiss francs)

(Reporting by Nell Mackenzie; Graphics by Vincent Flasseur; editing by Dhara Ranasinghe and Jason Neely)