Australian asset manager Perpetual has shut its Dublin-based international equities business PI Investment Management, Irish Times reports. The subsidiary’s funds have been transferred to Boston-based Wellington Management. The office had been managing sales and marketing of Perpetual’s global equity investments outside Australia, along with manufacturing of products. The closure will affect some 19 employees. The move follows a review of Perpetual’s international investment capabilities in Dublin, which assessed market demand, profitability and alignment to strategy. The unit had accumulated losses of €43.9 million as of June 30.
Click here for the story from Irish Times.
Click here for additional coverage from Investor Daily.