The global scaling back and re-emphasis on profitability at Merrill Lynch instigated by Stanley O'Neal's elevation to president and COO in July is now sweeping its $550 billion asset management business, creating dramatic cost cuts throughout the Asia-Pacific region.
Merrill Lynch Investment Managers is eviscerating its Asia-based operations, in particular erasing its Singapore-based fund management operation and relocating most activities to London and in Japan, where it is giving up what it has come to see as a pointless attempt to launch a US-style retail funds business.
Brian Murdock, chairman of the Pacific region in Tokyo, is relocating to London as of January 1 in an expanded role as CIO for Europe, Asia and...
