The transitions units of BNY Mellon and JP Morgan are the latest to be affected, against a backdrop of reduced activity in the industry and lawsuits against other providers.
Tag : transition management
Recent lawsuits involving transition managers in the UK and US are seen as likely to have a knock-on effect globally, including in the Asia-Pacific region.
The bank has moved to centralise transition management resources in response to sluggish industry flows, cutting its Asia-Pacific head of TM, Tom Wyse.
Layoffs of transition management chiefs continue in Asia, underlining the problems faced by this business worldwide.
The Korean central bank has chosen a group of transition management providers as asset owners push for greater transparency on transition costs.
Another regional transition management boss moves on amid what some say is a quiet market for changes to portfolios.
Singapore-based Richard Surrency has left the bank after three years amid tough markets for TM business and major staff moves in Australia.
In the medium to long term, institutions are expected to rebalance portfolios after Japan's natural disaster, but transition managers don't predict big shifts out of the market.
Investors are allocating equities to ex-US developed markets while reducing risk in fixed income, says Ross McLellan at State Street Global Markets.
Firms offering transition management could be affected by forthcoming rules that reduce their ability to warehouse risk.
Tom Wyse joins the Swiss firm in Sydney from Deutsche Bank to focus on sovereign wealth funds and institutional pension clients.
Transition managers can look forward to continued growth in demand for advisory services this year, says State StreetÆs Justin Balogh.