Aberdeen halves CSAM equities team
More than 50 per cent of the Australian equities team at Credit Suisse Asset Management will not be gaining positions with Aberdeen Asset Management in Australia.
That is the bottom line of the transition process that has followed the December 31, 2008, announcement that Aberdeen Asset Management would be acquiring the long-only traditional asset management elements of the Credit Suisse business.
In Australia the transaction has included the management of the Australian Fixed Income, Equity and Balanced Products.
Money Management understands that around 49 Credit Suisse personnel have been told their services will not be required by Aberdeen.
Asked to comment on the rumoured numbers, Aberdeen Asset Management Asia managing director Hugh Young acknowledged that there would be cuts to head count as a result of the transaction.
He said the Aberdeen equities team was “pretty strong” and it could be deduced from this that there would be cuts to head count.
“Without being specific, there were a lot people put in the pot to come across to Aberdeen, but we don’t need as many as we’re being offered,” Young told Money Management.
He said it was his understanding that those who were affected by the decision had already been informed that the effective date would be May 1, 2009, at which time there was likely to be a formal announcement.
Meanwhile, in excess of 7,000 jobs have been cut from the Australian banking and financial services industry over the past 12 months, according to the Finance Sector Union (FSU).
Job cuts have encompassed both financial planning and funds management roles, including those in risk and compliance as well as both back-office and client-facing roles.
Recent cuts have been made at National Australia Bank, with more than 250 roles abolished across the bank and MLC.
Bankwest has also announced it will make 400 positions redundant, while AMP has made approximately 340 job cuts over the past 12 months.
Other notable losses include around 200 from Perpetual, more than 1,000 from Macquarie Bank, 90 from AXA, and approximately 750 from Suncorp over the last 12 months.
ANZ has reported that along with job losses both locally and offshore, it will cut 58 financial planning roles.
AUTHOR
Mike Taylor
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