Pioneer Investments, the fund management arm of Italy's Unicredit, will centre its Asian operations around Singapore in a move that will result in job losses in Hong Kong.
Pioneer plans to build Singapore into its Asian hub and will shift support functions such as legal and corporate governance to the city-state, the firm's chief executive for Asia and emerging markets Angus Stening told Reuters in an interview. Such roles are currently handled out of Singapore or Hong Kong.
Stening himself will also move from Dublin to Singapore in August or September this year as part of the revamp. "Unfortunately, there will be some job reductions in Hong Kong along with an increase in Singapore," he said.
Pioneer has about 30 people in its Singapore office, which it expects will increase to around 40 as a result of the revamp. The Hong Kong headcount, on the other hand, may fall to four or five from 13 presently.
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