Global fund managers axe jobs in Taiwan
By Faith Hung
TAIPEI, Nov 28 (Reuters) - Global asset managers BlackRock (BLK.N), ING (ING.AS) and Fidelity have axed up to 16 percent of their jobs in Taiwan as the island's T$2.7 trillion ($82.8 billion) mutual fund market takes a hit in the financial crisis.
U.S.-based BlackRock has cut the size of its team by 10 percent, while ING's Taiwan fund unit pared back its staff by 16 percent, officials from the companies said on Friday.
"Every fund firm here has laid off staff as part of the restructuring by their parent companies," said Chang Lin-yun, Taiwan managing director of BlackRock, the world's biggest publicly traded U.S. asset manager.
Fidelity Investments, the world's largest fund manager, has also trimmed its staff, but by a "very limited" degree, an official said.
BlackRock, Fidelity Investments, Janus Captial Group (JNS.N), Legg Mason (LM.N) and AllianceBernstein Holdings (AB.N) are among global managers that are making workforce reductions due to the turmoil in markets.
The value of Taiwan's offshore and onshore fund markets, one of Asia's largest, tumbled about one-third to T$2.7 trillion at end of October from a peak of T$4 trillion earlier this year, according to the latest data compiled by an industry association. (Additional reporting by Yvette Chen; Editing by Nick Macfie)
