Prudential Asset Management has become the latest life insurance-affiliated asset management firm to succumb to cost pressures by trimming staff in Asia. Sources report 9 out of 38 staff in Hong Kong and 20 out of 259 staff in Singapore were fired on March 20.
Most of the staff made redundant in Hong Kong held senior-level positions. An entire macro strategies team has been decimated, sources say, although according to Prudential this function was disbanded a year ago. In Singapore, where Prudential has its largest presence in the region, cuts across all ...