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
A Hong Kong-based partner of
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