After BlackRock announced its intent to purchase the Credit Suisse line of exchange traded funds, Credit Suisse ETF investors have begun jumping ship.

After the acquisition announcement in January, Credit Suisse ETFs saw $655 million in outflows over January and February, according to consultancy firm ETFGI data, the largest withdrawals from any European ETF sponsor, reports Madison Marriage for Financial Times. Credit Suisse Asset management has $17.6 billion in ETF assets. [BlackRock to Acquire Credit Suisse ETF Business: Report]

“[The outflows] are really down to the fact that [Credit Suisse] announced it is selling the business,” Deborah Fuhr, managing director at ETFGI, said in the article. “Based on the uncertainty of what will happen, people decided not to put more assets in. It is not surprising that they would redeem from these products.”

BlackRock planned to acquire Credit Suisse ETFs as a way to expand into the Swiss markets.

“The transaction will significantly extend BlackRock’s footprint in Switzerland, which is home to one of the deepest investor bases in Europe,” Joe Linhares, head of iShares for Europe, the Middle East and Asia, said.

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