UBS CEO says crypto is an untested asset class and he isn’t worried about missing out on clients

SourceBusiness Insider
CountryMiddle east

Ralph Hamers, the CEO of Swiss Bank UBS Group, said when it comes to cryptocurrencies, he advises his clients with caution. “We feel that crypto itself is still an untested asset category,” the chief executive told on Tuesday. “We don’t offer it actively.” In May, UBS was reportedly in talks to to its wealthy clients, joining many firms in responding to increasing client demand for digital assets.

But any offering, sources told Bloomberg, would only be in small portions of their total investment to protect them from cryptocurrencies’ famous price swings. “Clients are looking at different alternatives and they hear about crypto, and there is a bit of a fear of missing out,” the Dutch CEO told Bloomberg. But “I never have FOMO. I’m determined as to what I want to do.” Hamers, who replaced Sergio Ermotti in November 2020, also said he does not worry about losing out on billionaire clients who may want exposure to crypto. “It’s more...