UBS axes INGIM jobs
The takeover of ING Investment Management (INGIM) Australia by UBS Global Asset Management will come into effect on 4 October, and will see a number of the INGIM staff lose their jobs.
One source has told Money Management that 36 of the 120 members of the INGIM team will be made redundant.
UBS spokeswoman Erica Borgelt conceded that there would be redundancies, but declined to confirm the exact number.
"Obviously there will be duplications in terms of what people will be doing. Everyone was expecting some would go. People are still being told this week as to who will still be remaining on 4 October. It's still a sensitive issue, but people will be expecting it," she said.
UBS will issue a statement on 4 October providing more information, Borgelt said.
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
