Hong Kong-based Value Partners made a series of job cuts last week, a company spokesperson told our sister publication. Asia Fund Selector.
According to Securities and Futures Commission websitesix-person business licenses ceased on September 8, 2022.
They are senior fund managers Anthony Chan and Doris Ho as well as Kong Hing Keung, Lau Hei Man, Priscilla Mi and Zhang Qin.
Ho’s LinkedIn page showed she joined the company in 2006, while Chan joined Value Partners in 2014.
Both Kong and Mi worked in the transactions department of Value Partners, where Mi was the director, according to an archive from the company’s webpage.
Zhang, who joined the company in 2017, was a senior equity analyst focused on consumer, education, software and real estate management in China.
An auto-response email from FSA to Chan, Ho and Zhang on license termination showed “your email could not be delivered because the intended recipient is no longer with Value Partners Group”.
The company’s spokesperson declined to provide FSA with the names or the exact number of the personnel concerned.
In a response to FSAthe fund manager said the investment landscape in Asia had changed significantly over the past few years, driven by the covid-19 pandemic, changes in the regulatory environment and appetite for the investor risk.
The decision was made through strategic review and streamlining of processes, which enabled the company to reduce headcount in a number of business functions through the consolidation of roles, the reduction of non-strategic positions and the normal turnover, Value Partners said.
The firm added that it would seek to redeploy its resources to further respond to Asia’s rapidly growing wealth management market, respond to global investor demands to invest in China, and develop ESG investment products there. coming.
Globally, Goldman Sachs, a multinational investment bank and financial services firm, is also planning its “biggest round of job cuts” since the pandemic, according to Bloomberg.
The company will lay off several hundred staff from this month as it restarts its annual weeding out of underperforming bankers.
Goldman Sachs did not respond to a request for FSA on the scale and details of his staff section plans.
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