Fund manager Edmond de Rothschild Asset Management (EdRam) is to withdraw from the UK retail market less than a year after launching an ambitious expansion programme.
A spokesperson confirmed that the firm, which opened its London office in 2012, is looking to pull back from the UK despite its recent expansion drive in the country.
A number of roles will be shifted from London to Paris, Luxembourg and Geneva although there will be redundancies, including its UK head of wholesale Daniel Lee, who joined in September 2015 from Allianz.
It launched 16 products in the UK in February 2016 alone, including equities, emerging market debt and convertible bond vehicles, in a move described by Guillaume Poli, deputy CEO, as a “key milestone in our expansion plans into this crucial market".
The shift is the latest in a series of setbacks for the Geneva-based bank. The company in December decided to shutter its offices in Hong Kong.
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