MBf Unit Trust Managers, the Malaysian-owned fund-management company, says it has launched a major overhaul to reverse a dramatic slump in funds under management.
The company effectively suspended active trading in its funds in November and December as it attempted to weed out poor-performing stocks.
The managing director and a senior director have left, while administrative staff has been slashed.
Charles Schmitt, a director, yesterday said the former award-winning company was committed to turning around performance and rebuilding its business.
Mr Schmitt said: 'The company and management are committed to MBf being in the market long term. We are putting together a business plan to reflect that.' He said the Malaysian parent company, MBf Group, had undertaken to inject an unspecified amount of institutional funds to boost the amount under management while the company was reviewing its fund range.
The company has about US$9 million spread over nine funds ranging from warrants to regional exposure.