Chocolate Finance takes S$500 million hit from 2 weeks’ run of redemptions; looking to return to business as usual
CEO sees the orderly manner in which platform handled the deluge of withdrawals as a success
Around S$500 million in net withdrawals were made by Chocolate Finance’s customers – slashing the firm’s assets under management (AUM) by some 40 per cent – amid a run over the past two weeks.
But founder and chief executive Walter de Oude is adamant that it was in no way a “meltdown”.
In fact, he sees it as a success that the asset manager’s platform was able to handle the deluge of withdrawals in an automated and orderly manner.
“I’m really, really proud of the robustness and resilience of our business and systems as we’ve gone through a really, really crazy week,” he told The Business Times.
Communications failure
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