Billionaires Get Out of Stocks After Dead Cat Bounce
July 16th, 2020Via: ZeroHedge:
UBS’ head of global family offices told Reuters, the surge in equities from March to May netted significant returns for its wealthiest clients. Now they’re disposing of equities by locking in gains and moving money into “illiquid and private assets.”
“We had record loans written during the middle of March and the middle of April, of significant family offices who asked us for balance sheet and then went into the market,” Josef Stadler said. “They bought, for example, U.S. equities, but they didn’t buy $50 million. They bought a billion-plus of those equities to rebalance. And they made a lot of money.”
Buying the dip, in the tune of billions of dollars, led family offices to outperform hedge funds, and hit their target benchmarks through May, according to the bank’s latest survey of family offices.
