BARCLAYS de Zoete Wedd, the finance and securities arm of Barclays Bank, yesterday announced that it had withdrawn its floor traders from the Hong Kong Futures Exchange.
In a separate move, George Long, the chief executive of the asset management division, Andrew Alexander, his deputy, and Patrick Shum, a senior fund manager, disclosed their resignations.
The company, which has around US$75 billion under management worldwide, is preparing to write to clients to alert them of the changes.
But senior industry figures claimed the resignations will be a major blow to the company's ambitions to become a key player in the rapidly growing local institutional fund management sector where it manages around US$2.4 billion.
Stephen Lake, managing director of bonds and futures at BZW Far East, said the company would maintain its position on the futures floor but has withdrawn its two traders.
Mr Lake said: 'A lot of people will sympathise with why we have done it.
'Volumes have been very good and business has been growing healthily. But we sat down and worked out the margins.' London-based Graham Newall, head of BZW Futures worldwide, last week met with Hong Kong Futures Exchange chief executive, Ivers Riley, to inspect the operations before deciding to withdraw.