UBS CEO Sees No ‘Large-Scale’ Client De-Risking

The signal here is qualitative rather than quantitative: a major wealth manager declining to confirm a broad client retreat suggests risk appetite at the top of the wealth spectrum has not cracked, even if individual positioning varies. That matters for anyone tracking whether private capital stays deployed into risk assets, including crypto and tokenized RWAs, during periods of macro uncertainty. The absence of figures leaves the claim untested, so the open question is whether this holds as client flows and positioning data emerge.