Moves by global financial players to close New Zealand-based operations are disappointing and put the local industry in danger of losing critical mass, a top fund manager says.
On Friday, Deutsche Bank announced it would close its Auckland office as part of a global overhaul that will see the German bank exit 10 countries and shed 35,000 staff in a bid to improve returns.
Twenty-nine fixed income and support staff will be affected by the closure, which is expected to be completed by the end of next year.
New Zealand clients would then be serviced from Australia.
Deutsche Bank's restructuring comes hot on the heels of Goldman Sachs' proposal to shift its Auckland-based securities trading operations, which employ fewer than 20 staff, to Sydney.
Paul Glass, principal of Devon Funds Management, said it was always disappointing when a player left the market. (Disappointing for whom??)