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eQ Oyj Announces Completion of Co-Determination Negotiations; To Lay Off Approximately 19 People


Tuesday, 27 Nov 2012 07:00pm EST 

eQ Oyj announced that the co-determination negotiations of eQ Asset Management Ltd, eQ Fund Management Company Ltd, ICECAPITAL Asset Management Ltd and ICECAPITAL Fund Management Company Ltd, commenced on November 22, 2012, have been completed. The co-determination negotiations aimed to remove overlapping functions generated as a result of the acquisition of ICECAPITAL Asset Management Ltd and its subsidiaries which was released on November 20, 2012, and to improve competitiveness by adapting costs. As a result of the acquisition, the Company plans to execute business transfers in early 2013, where the business of ICECAPITAL Asset Management Ltd is transferred to eQ Asset Management Ltd and the business of ICECAPITAL Fund Management Company Ltd is transferred to eQ Fund Management Company Ltd. The business transfers are estimated to be executed on January 1, 2013. The negotiations concerned the plan to integrate and reorganize operations as a result of the business transfers and the possible outcome of these actions, including possible personnel reduction measures. As conclusion of the negotiations, it was clarified that the integration plans may lead to personnel reduction of 19 people at most. The original estimate was reduction of 20 people. The co-determination negotiations concerned the whole personnel of eQ Asset Management Ltd, eQ Fund Management Company Ltd, ICECAPITAL Asset Management Ltd and ICECAPITAL Fund Management Company Ltd. 

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29 Jul 2014