Cushman & Wakefield’s first attempt to build up a global investment management business in Asia has ended in failure.
The firm has closed down its Cushman & Wakefield Capital Asia operation, which was based in Hong Kong, three and a half years after hiring Helen Wong to lead it.
Wong, who had previously worked at Moody’s, Lazard and as chief financial officer at Pacific Century, had recruited a team and planned to launch vehicles targeting China and India, as well as a pan-Asia fund.
The team has now all left. Cushman & Wakefield said: “The decision was made due primarily to changes in the economic environment, which made it difficult for us to achieve its objectives.
“Cushman & Wakefield Capital Asia was just a part of our overall global investment management strategy. “In Asia, we will leverage our acquisition of Pacific Investment Corporation, the private fund asset management subsidiary of Japanese real estate fund Pacific Holdings Group, now renamed Cushman & Wakefield Asset Management KK.
“This business manages approximately $2bn of assets on behalf of 20 private funds.” Cushman & Wakefield Investors has €3.6bn of assets under management in Europe.