State Street Global Advisors Australia has retrenched its head of fixed income and cash and shut down its Sydney-based global fixed income capability.
The eight-year tenure of Dr. Stephen Nash was abruptly terminated last week, and clients informed that global passive and active fixed income strategies would be ‘amalgamated’ regionally in Singapore, under head of Asian fixed income Kheng-Siang Ng.
Australian dollar denominated strategies will continue to be run from Sydney by Ross Bolton and Simon Mullumby.
SSgA told clients the regional consolidation was a "reallocation of resources" prompted by a major review of its structure.
Nash had been responsible for the active and passive management of approximately $17 billion at SSgA, with roughly a third represented by domestic bonds, a third global bonds, and a third in cash.
Prior to joining SSgA, Nash worked with the United Nations, where he was responsible for managing a large US dollar-based pension fund for locally-based United Nations staff in the Middle East.