Pierre DeGagne is poised to relinquish his role as head of funds research at Standard Chartered in Singapore, a move seen as an indicator of other likely departures from banks’ product units in Asia.
DeGagne had been heading a nine-strong team responsible for selection of all funds – traditional and alternative – for both the retail and private bank.
AsianInvestor could not ascertain his exact exit date although it is understood the decision was made this week. A spokesperson for Standard Chartered declined to comment.
DeGagne joined Standard Chartered in June 2009 from Merrill Lynch’s private bank, where he was head of research for Asia, Japan and global emerging-market traditional mutual funds.
He has also worked as lead analyst for HypoVereinsbank’s multi-manager platform and as a corporate treasury analyst at Investors Group Financial Services.
Recruiters suspect there are likely to be more cuts from product teams at banks in the region in light of the tough environment for private banks.
Roles that aren’t revenue-generating are being reassessed as firms are doing what they can to maximise income, says a source. Banks are not looking to fill product roles at the moment, he adds. “They want profit-making roles from day one.”
He says he expects to see further departures in the coming months, suggesting that firms may at least be handing out bonuses before wielding the axe.