UBS: Wealthy Clients Withdraw from Dollar Assets, Shift to Gold, Cryptocurrency, and Chinese Assets

Amy Lo, Co-Head of UBS Wealth Management in Asia, stated that UBS's high-net-worth clients are increasingly withdrawing from dollar assets and shifting towards gold, cryptocurrency, and Chinese assets.

"Gold is very popular right now," Lo said during an interview with Yvonne Man at the Bloomberg New Voices event held in Hong Kong on Tuesday.

She noted that the tense trade relations between China and the United States have prompted investors to begin diversifying their previously "quite U.S.-centric" asset allocations; in addition to seeking other currency assets, investors are also directing more funds into cryptocurrencies, commodities, and alternative assets.

"Volatility will certainly continue," Lo added.