BlueBay closes Hong Kong office

BlueBay will relocate its head of sales for Asia to RBC’s office in Australia.

BlueBay Asset Management has closed its office in Hong Kong while maintain its operation in the city.

Both Ciaran McAssey, head of sales for Asia ex-Japan and Lisa Stuart, Asia client director, will continue to work in Hong Kong at the office of the firm’s parent company, Royal Bank of Canada (RBC). McAssey is expected relocate to RBC’s office in Australia in the next few month, according to a local news report.

Vanis Chung, the associate sales director, has reportedly left the company. The destinations of the rest of the team remained unknown.

A spokesperson for BlueBay confirmed the people moves and office closure, explaining the decision was a strategic move to align the business in Hong Kong with that in the US where RBC Global Asset Management also acts as the firm’s distributor.

BlueBay’s Hong Kong office was set up in 2012 after the firm was acquired by RBC in 2010.

According to BlueBay’s website, the firm’s asset under management has decreased from around $57 billion in 2015 to $50.2 billion as of the end of 2016. The asset manager first established its direct lending operation in 2011. Headed up by Anthony Fobel, the firm raised more than €2 billion for its BlueBay Direct Lending Fund II at the end of 2015.