Edmond de Rothschild Asset Management is withdrawing from the UK less than a year after launching 16 funds into the market.
The group has confirmed it is halting its UK expansion plans with head of wholesale Daniel Lee among personnel facing redundancies.
EdRAM is set to relocate to Europe, with offices in Paris and Luxembourg. Plans to break away from the UK follow the announcement in December that head of asset management Roderick Munsters was stepping down six months after taking the role as head of the €78 billion (£60.69bn) asset management division.
Munsters left the UK arm on 1 January and has been replaced with Vincent Taupin, head of the company’s French private banking operations.
The asset manager opened its London office in 2012 and in February 2016 registered 16 Ucits funds for sale in the UK. At the time, Guillaume Poli, deputy chief executive of Edmond de Rothschild Asset Management, said: “This represents an important step in the development of our business in the UK and supports growth.”