C. Suisse tells wealthy clients to move UK assets amid Brexit uncertainty

Pedro Gonçalves
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C. Suisse tells wealthy clients to move UK assets amid Brexit uncertainty

Credit Suisse is advising wealthy private clients to consider moving their assets outside of the UK because of the uncertainty around Brexit.

The FT reported that UNHWIs with a net worth of at least $30m, were advised they might want to "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.

The paper has been reporting since late last year that London's super-wealthy clients have been moving cash out of the capital and overseas, with some fearing a wealth tax, should Labour leader Jeremy Corbyn come to power. Multimillionaires are setting up investment accounts in places such as the Channel Islands and Switzerland.

A number of wealth firms have reported that clients are increasingly setting up offshore trusts so they can move assets quickly should Corbyn be elected.

On Monday, May said she intended to hold the vote on her Brexit plan in the week starting Jan. 14. Britain's leader of the opposition, Jeremy Corbyn, tabled a motion of no confidence in May, saying it was unacceptable for Parliament to wait another month to vote on the deal.

UK 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.

However, not every banker in City is preparing to flee. "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."