Global financial services firm UBS has informed ING Investment Management (INGIM) what roles it will retain after the completion of its takeover of the company on 4 October, indicating it will keep about two-thirds of the investment manager's workforce.
But until the acquisition was formalised, no staff would leave the company and it would be business as usual, INGIM chief executive Steven Billiet said.
"UBS had previously indicated that during this period it would review the roles they would retain and it was clear that they would not need everyone," Billiet told Investor Weekly.
"What they did on Monday is inform us of which roles will be maintained. But nobody has left his role yet or has gone on gardening leave.
"It is important to note that our clients will continue to be looked after."
Billiet said he did not want to give any details about staff numbers, but the figure of two-thirds joining UBS was largely right. "I will leave it up to UBS to announce the details," he said.
He indicated it was likely UBS would also make changes to INGIM's portfolio managers, but the firm would communicate that to the market at a later date.
Billiet said he would not join UBS. "I will look at a number of opportunities, but I won't come to UBS," he said.
"I've been in an Asia-Pacific role for 10 years and it is likely that I will look for something in Asia, but I won't rule out any possibilities."
