The wealthy have for centuries stashed their gold in Swiss vaults. But Swiss bankers are now reluctant to accept the world's bullion in the same old way, as they seek to reduce the size of their balance sheets.
UBS and Credit Suisse, which dominate the powerful Zurich-based physical gold market, have raised the fees they charge for holding the precious metal, according to clients and people familiar with the banks.
The move is an attempt to persuade their biggest clients - including other banks, hedge funds and institutional investors - to take direct ownership of their gold in so-called "allocated" accounts, with the bank simply acting as a custodian.
Swiss Banks Lose Old Taste for Gold
UBS and Credit Suisse, which dominate the powerful Zurich-based physical gold market, have raised the fees they charge for holding the precious metal, according to clients and people familiar with the banks.
The move is an attempt to persuade their biggest clients - including other banks, hedge funds and institutional investors - to take direct ownership of their gold in so-called "allocated" accounts, with the bank simply acting as a custodian.
Swiss Banks Lose Old Taste for Gold
