One plus one makes two. FinanceAsia has recently reported that DBS Asset Management was losing Lim Heong-Chye, its respected managing director and head of fixed income.
We had separately reported that Citigroup Asset Management was losing its well regarded fixed income head, Tay Soo-How. It is now known that Tay is heading to DBS to plug the gap.
But the damage there is increasing, as three more portfolio managers have quit DBS Asset Management, reducing the overall team from nine to three. Lau Wing-Tat, now DBS AM's managing director and CIO, remains on board.
Lim is off with two DBS colleagues to start his own bond fund boutique.