Morley MD departs amid cost cuts

Andrew Kwek steps down at the end of this month.

Andrew Kwek, managing director at Morley Fund Management in Singapore, will leave the firm at the end of this month as part of a cost-cutting drive.

Currently Morley's Asia-Pacific ex-Japan operations are run by Kwek and CEO Pieter van Putten, who joined the firm in July after taking gardening leave from Commerzbank Asset Management, where he was replaced by Pascal Crepin. Van Putten replaced previous CEO Steven Choi, who left earlier this summer.

The organization is being restructured to make it flatter and save costs, says Kwek . Steve and I are being replaced by just one executive. He adds that weak markets have triggered redemptions and falling revenues, and the exercise is required to...

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