Wellington International Management’s first downsizing since the 1970s has claimed the managing director of the Australian office.

Gary Bailey was the most senior of two departures from the

Sydney office, which still employs over 20 people in client service and investment support functions.

A Hong Kong-based partner of
Wellington’s Asia Pacific region, William Clark, will act as managing director of the

Sydney office until market conditions recover.

Clark said that as a private partnership, Wellington was able to “take a long term view” and as such had not needed to downsize to the extent other funds managers had, but he said some pressure on costs was inevitable when global equity markets, and thus Wellington’s revenue base, had retreated over 30 per cent last year.

Clark said
Wellington retained a long-term ambition to add investment manufacturing capability to the

Sydney office.