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Friday, November 28, 2008

Fund Firms Cut Staff in Taiwan

by: Sean Hanna, Editor in Chief

Cuts by fund firms are reaching overseas. Reuters reports that Fidelity, BlackRock and ING are all cutting jobs in Taiwan. BlackRock trimmed 10 percent of its jobs on the Chinese island while ING cut 16 percent. It did not specify the cuts made by Fidelity other than that they were "very limited."

According to locals, the cuts are being made across the $82 billion AUM industry based in Taiwan. Assets in Taiwanese funds are downby nearly a third since their peak this year.

"Every fund firm here has laid off staff as part of the restructuring by their parent companies," Chang Lin-yun, Taiwan managing director of BlackRock, told the news service. 

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