Standard Life closes investment function in Asia

Mar 22, 2009

At least six senior staff have been laid off, including CEO Michael Reed.

Contrary to the sunny outlook for business growth in Asia given by Standard Life CEO Sandy Crombie in a press briefing in London, the UK insurer is closing down its regional asset management function in Hong Kong. Five executives from its Edinburgh headquarters were spotted on a business-class flight to Hong Kong by AsianInvestor readers and seen checking into Four Seasons the night before executing the deed.

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