Fidelity International plan to cut 16% of China fund unit jobs, sources say

Filatex India

19/03/2024 02:14

By Selena  Li and Xie Yu
       HONG KONG, March 19 (Reuters) - Fund manager Fidelity
International(FIL) is planning to lay off 20 people at its main
China business unit, two sources familiar with the matter said,
a move that comes amid a global downsizing by the firm and a
downturn in China's markets. 
    FIL's wholly-owned China fund unit, which currently houses
around 120 staff, will launch a cut equivalent to around 16% of
its headcount, according to the sources, who declined to be
named as they were not authorised to speak to media.
    The fund management giant, which manages $776 billion of
client assets, commenced a broader cost reduction programme
globally earlier this month, expected to save around $125
million in 2024 with 9% of its workforce made redundant.
    A FIL spokesperson said that a review on previously reported
global role reductions is ongoing across business lines and
geographies and no decisions have been made in relation to its
China business.

 (Reporting by Selena Li and Xie Yu; Editing by Sumeet
Chatterjee and Miral Fahmy)
 ((Selena.Li@thomsonreuters.com; +852 39525868;))