UBS: High Net Worth Clients are Shifting to Gold, Cryptocurrency, and Chinese Assets

BlockBeats News, May 14th - Amy Lo, Co-Head of Asia Wealth Management at UBS Group, stated that UBS's high-net-worth clients are withdrawing USD assets and turning to gold, cryptocurrency, and Chinese assets. "Gold is currently very popular," Lo said in an interview at the Bloomberg New Voices event held in Hong Kong on Tuesday.

Lo noted that the trade tensions between China and the US have prompted investors to diversify their previously 'fairly US-centric' asset allocation. In addition to seeking other currency assets, investors are channeling more funds into cryptocurrency, commodities, and alternative assets. "Volatility is definitely going to continue," Lo added.