Matthew Drennan, who was in charge of about $5 billion in assets under management at Zurich Financial Services Australia Ltd., will leave the company by the end of the month.

Zurich is merging its investments and life insurance business. Drennan, a nine-year company veteran, has been discarded. He will not be replaced.

“I’m assessing my options,” says Drennan, who worked at Deutsche Asset Management before Zurich.

“There are a couple of opportunities out there,” he says.

Drennan has no interest setting up his own asset management company.

“It’s a very tough environment,” he says. “A lot of boutiques are under pressure.”