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.
CIMB Private Banking says it had already signed up clients for the abandoned separately managed accounts platform. BNY IM's Asia CEO Alan Harden is flying to Malaysia next week for discussions with the bank.
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 firm is about to launch what it says is a first-of-its-kind separately managed accounts offering in Asia, and aims to partner with private banks.