CEO Boris Collardi said investors were looking to reduce their exposure to emerging market volatility such as that seen in China since the start of the year, with investors increasingly nervous that the world's second-largest economy could be heading for a "hard landing" as growth slows.
"If you look at China, the elephant in the room in the last 12 months, we've had a lot of volatility and that makes people nervous," he told CNBC Europe's "Squawk Box."
"There is a little bit more caution on the side of investors and at the same time we're looking at them trying to diversify their emerging market concentration...I would say they've been cautious on leverage, some of them have deleveraged a bit but broadly we're still continuing to see people active in the market. But I think our reading is perhaps a bit more pessimistic than what it is on the ground."
He added that the bank was holding "double-digit number in cash."
Hedge funds have been notable for putting big shorts against the Chinese yuan in the expectation that the currency will depreciate further - particularly as pressure mounts on the People's Bank of China to devalue the currency further to increase the competitiveness of its exports, among other reasons.