Wealthy clients are still wary of dipping back into securities markets after major losses in 2008, preferring to hoard sizable cash piles, Credit Suisse Group's head investment strategist said at an event Tuesday.

"It's a dichotomy: private clients seem to still be upset about largely missing out on 2009's rally, but they are also the first to retreat when we see dips such as the current on in equities," Stefan Keitel, the Zurich-based bank's Chief Investment Officer, said.