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 wealth heads of several big Southeast Asian firms spoke to AsianInvestor about their strategies for expanding in the region and some of the challenges they face in doing so.
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.
The bank is switching its funds business from a standalone distribution model to one that relies on its private bank, with sales heads exiting. But will it regret cutting back in Asia?
Threadneedle hires Asia fixed-income head, Credit Suisse replaces Omar Cordes, Nikko AM adds manager selection leader, Barclays appoints wealth head in HK and Veco Group sets up office.