MILAN – Credit Suisse Group saw US$5.6 billion (S$7.5 billion) in outflows from its investment funds in the three weeks since the lender was forced into a rescue by rival UBS Group, Financial News reported.

The latest figures show net redemptions of US$2.5 billion for the period between March 23 and April 6, Financial News said, citing data from financial services firm Morningstar. This is after about US$3 billion in outflows in the week “surrounding” the tie-up, Financial News reported.

The outflows in the asset management business underscore the challenge for the combined firm to retain clients after UBS agreed to acquire its local rival in an emergency, government-backed takeover in March. UBS chairman Colm Kelleher has said it will likely take months to close the deal and as long as four years to complete the integration.

The figures represent around 300 Credit Suisse funds domiciled in Europe and the United States that report data daily to Morningstar, and do not include all the asset manager investment pools.

But in a sign that redemptions have eased, more than US$240 million came back into the European funds on April 5 and 6. BLOOMBERG