Wealth managers at Swiss bank Credit Suisse have advised their high-net worthy clients to think about moving assets out of the U.K. due to the uncertainty surrounding Brexit, reports by Financial Times.
The FT reported on Tuesday that clients with a net worth of at least $30 million, known as ultra- high net worth individuals (UNHWI), were advised they might “accelerate” plans to move their investments out of London before Prime Minister Theresa May’s upcoming vote in Parliament in the third week of January.
U.K. lawmakers were initially scheduled to have their say on the terms of Britain’s withdrawal from the EU last week but the prime minister delayed the vote, admitting she was likely to lose.
This has led to the uncertainty surrounding the path for Brexit- something that markets and investors don’t like.
However, not everyone agrees that leaving the U.K. is the right course of action. “We certainly wouldn’t encourage clients to get their money out and run,” one banker, who asked not to be identified, told the FT. “Our role as wealth advisers is to calm some of the hysteria going on rather than add to it.”
Although, Credit Suisse told CNBC on Tuesday that “this is not their house view.”