Global financial services firm UBS has made further cuts to the recently-acquired ING Investment Management (INGIM) business, shedding up to 10 jobs.
A UBS spokesperson said the company was continuing to rationalise the business, but would not comment on specific numbers.
"We confirm there is a limited number of redundancies, mostly in logistics, where we have not been able to find alternative roles internally. We do not comment on employee numbers," the spokesperson said.
The spokesperson did not provide further details on the specific roles that were made redundant, but Investor Weekly understands no investment professionals were included in the redundancies.
It is likely more redundancies will follow as the integration of INGIM has not yet been finalised.
"As indicated in October when the INGIM acquisition closed, we informed the market that the integration of the two businesses would continue through to the first quarter of 2012 and that over this period the business would continue to review its resourcing needs in line with its ongoing business requirements and to meet clients' future needs," the spokesperson said.
"As previously disclosed, we expected there to be overlap/duplication of some roles in certain areas," the spokesperson said.
Since the takeover of INGIM in October, former INGIM employees have found jobs at several competitors.
In October, AMP Capital appointed three INGIM portfolio managers: Gian Pandit, Michael Price and Philip Hudak.
T Rowe Price hired former INGIM wholesale business development manager Heath Branigan as business development manager for adviser distribution.
More recently, Altius Asset Management appointed former INGIM senior research analyst Vanessa Thomson to the role of head of credit research, while AllianceBernstein appointed former head of rates strategies Bradley Gibson to its Asia-Pacific fixed income team as a portfolio manager based in Melbourne.
