UBS: High-net-worth clients are turning to gold, Crypto Assets, and Chinese assets.

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On May 14, Amy Lo, co-head of Asia Wealth Management at UBS Group, stated that UBS's high-net-worth clients are withdrawing from dollar assets and turning to gold, Crypto Assets, and Chinese assets. "Gold is very popular right now," Lo said during an interview at the Bloomberg New Voices event held in Hong Kong on Tuesday. Lo noted that the tense trade relations between the US and China have prompted investors to start diversifying their asset allocation, which was originally "quite US-centric"; in addition to seeking other currency assets, investors are also channeling more funds into Crypto Assets, commodities, and alternative assets. "The Fluctuation will definitely continue," Lo added.

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