Amy Lo, co-head of wealth management in Asia at UBS, said the bank's high net worth clients were increasingly moving away from US dollar assets in favour of gold, cryptocurrencies and Chinese assets. "Gold is very popular right now," Ms Lo told Yvonne Man at the Bloomberg New Voices event in Hong Kong on Tuesday.
She noted that trade tensions between the US and China had prompted investors to diversify away from what had been "quite US-centric" asset allocations, putting more money into cryptocurrencies, commodities and alternative assets in addition to looking for other currencies. "Volatility will definitely continue," Lo added.
UBS: High net worth clients are withdrawing from US dollar assets and switching to cryptocurrencies, Chinese assets, and gold
2025-05-14 05:39:44
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