Global cost-cutting by funds managers is making its presence felt in Australia, with the local operations of AllianceBernstein and Franklin Templeton Investments trimming staff.
Due to a global cost-cutting program undertaken by its parent company, the Australian arm of Franklin Templeton Investments has made the role of one of its directors, Richard Adams, redundant.
Adams, who worked in the institutional sales and client service team, left the business a fortnight ago. Maria Wilton, managing director of the Australian operations, said the role was the only position terminated in Australia as part of the program.
Wilton said Adams’ responsibilities were now being shared by remaining institutional sales and client services employees, and that clients and stakeholders in the business had been notified of the changes.
Meanwhile a Sydney-based client relations manager with AllianceBernstein, Zane Bernstein, is also understood to have been retrenched. Chief executive for the Australian arm of the Axa-owned growth/value funds manager, Michael Bargholz, was unavailable for comment at presstime.