Recent weeks have seen some upheaval for Credit Suisse. The release of its annual report on 14 March included references to “risk of material misstatements.” The day after, on 15 March, its , reaching as low as CHF 1.56 per share (€1.60), bringing the Eurostoxx banks index down with it.

On 16 March, Credit Suisse announced that it planned to (€50bn) from the Swiss National Bank. And a few days later--on 19 March--rival bank UBS announced that it was .

In the midst of this turmoil, data from Morningstar Direct covering the period from 1 March to 6 April show that net outflows from Credit Suisse funds domiciled in Europe amounted to $4.486bn, with the largest outflows occurring on 21 March ($776m) and on 3 April ($584m). A little over one third of these outflows ($1.617bn) were from funds domiciled in Luxembourg.

Credit Suisse’s Luxembourg-domiciled funds saw the highest outflows on 17 March ($166m), 27 March ($235m) and 3 April ($173m). Its other funds in Europe are domiciled in Spain, Switzerland, Germany, Guernsey, Liechtenstein and Ireland. The funds domiciled in Ireland are exchange-traded funds (ETFs), while the rest of its funds in Europe are open-ended funds.

Funds domiciled in the US saw net outflows of $1.076bn in the same period, according to Morningstar Direct data. This brings the total amount of Credit Suisse’s net fund outflows worldwide to $5.562bn.

Comprehensive fund sizes

Morningstar Direct data also showed that the comprehensive size of US-domiciled funds dropped from $6.993bn on 1 March to $5.891bn on 6 April. The comprehensive size of Europe-domiciled funds went from $176.7bn to $178.2bn, including a $6.374bn increase between 5 April and 6 April.

The comprehensive size of funds domiciled in Luxembourg dropped from $43.06bn on 1 March 2023 to $41.63bn on 6 April.

Delano contacted Credit Suisse for a comment on the fund data, but had not yet received a response.