Rich Americans are reportedly flocking to Swiss banks amid Trump’s seesawing economic policies, looking to safeguard their assets overseas.
Josh Matthews of Maseco, a company that does wealth management for high-net-worth Americans abroad, told the Financial Times he hasn’t seen this much interest in Swiss banks since the 2008 financial crisis, when banks were failing. He attributed this resurgence to the “uncertainty” of Trump’s presidency.
The FT spoke to several private bankers and asset managers who reported seeing the same trend as Matthews, saying there is a rise in clients looking to set up Swiss-based investment accounts.
Pictet, a Swiss private bank, reported a “significant uptick” in demand from U.S. clients.
These clients are seeking banks compliant with U.S. tax rules, according to the report, in part because of laws that make it complicated to open up a Swiss account.
“Certainly that has been a pattern in the past few months,” Pierre Gabris, founder and managing partner of the Switzerland-based Alpen Partners, told the FT. “Since the election, there have been some anti-Trump clients, and many are driven by fear.”
Gabris said that clients were also hoping to diversify their assets amid fears of a weakening dollar.
He also spoke to CNBC about the trend, saying it usually comes in waves, the last two being the ‘08 financial crisis and COVID-19. “Now tariffs are causing a new wave,” he added.
The post Swiss banks are back in style for rich Americans. Thank Trump appeared first on Quartz.
