The takeover of ING Investment Management (INGIM) Australia by UBS Global Asset Management will come into effect on 4 October, and will see a number of the INGIM staff lose their jobs.
One source has told Money Management that 36 of the 120 members of the INGIM team will be made redundant.
UBS spokeswoman Erica Borgelt conceded that there would be redundancies, but declined to confirm the exact number.
"Obviously there will be duplications in terms of what people will be doing. Everyone was expecting some would go. People are still being told this week as to who will still be remaining on 4 October. It’s still a sensitive issue, but people will be expecting it," she said.
UBS will issue a statement on 4 October providing more information, Borgelt said.
