Swiss Life Asset Managers Plans To Shut Shop In Lugano

Josh O'Neill

31 January 2017

is set to shut its Lugano office as part of a restructure that will consolidate the firm's asset and fund management arms into one Zurich-based entity, affecting up to 30 employees.

The firm, which employs around 1,500 people throughout Europe, said the revamp “involves merging the separately managed companies into one fund management company, Swiss Life Asset Management” in a bid to “focus processes and services more closely to client requirements”.

A maximum of 30 employees in the Italian-speaking Lugano city will be affected, the group said, adding that staff have been informed of the planned relocation. According to a statement issue by Swiss Life, management is currently in discussion with the affected employees and offers its “full support with their internal and external professional reorientation”.

The merger of the three companies is scheduled for completion by the middle of 2017 and is subject to approval by the Swiss Financial Market Supervisory Authority (FINMA).

Swiss Life's operations in Ticino will not be impacted by the changes.