Exclusive-Fidelity International plan to cut 16% of China fund unit jobs, sources say

By Thomson Reuters Mar 18, 2024 | 9:36 PM

By Selena Li and Xie Yu

HONG KONG (Reuters) – Fund manager Fidelity International(FIL) is planning to lay off 20 people at its main China business unit, two sources familiar with the matter said, a move that comes amid a global downsizing by the firm and a downturn in China’s markets.

FIL’s wholly-owned China fund unit, which currently houses around 120 staff, will launch a cut equivalent to around 16% of its headcount, according to the sources, who declined to be named as they were not authorised to speak to media.

The fund management giant, which manages $776 billion of client assets, commenced a broader cost reduction programme globally earlier this month, expected to save around $125 million in 2024 with 9% of its workforce made redundant.

A FIL spokesperson said that a review on previously reported global role reductions is ongoing across business lines and geographies and no decisions have been made in relation to its China business.

(Reporting by Selena Li and Xie Yu; Editing by Sumeet Chatterjee and Miral Fahmy)