The firm has begun to search for a regional CEO after an internal email confirmed Alan Harden had opted to return to California to spend time with family by the end of this year.
The firm admitted the market for its separately managed accounts business was slower than it expected, even as one Malaysian private bank announced the launch of the platform.
The firm has shelved its separately managed account unit for wealthy people in Asia and let up to 50 staff go in Hong Kong and Singapore, AsianInvestor understands.
The US asset management and servicing group also expects to add up to four more fund houses to its new separately managed accounts platform in the next three months.
Principal adds property PMs, BNY Mellon’s Guinness moves to HK, Sarasin hires client advisory head, DeAWM poaches Philip Poole, Russell exec moves to UK boutique.
The firm is expanding its separately managed accounts business to Singapore and is targeting both private banks and asset managers. It names Chris Faddy to lead the project.