Schroder Securities Asia is set to announce the closure of some of its securities operations this week, sources close to the company said yesterday. The firm's successful asset management arm and investment banking business are believed to have been spared. Employees are expected to be told details today. Schroder executives in London and Hong Kong were not available for comment yesterday. As late as last November, a board decision was taken to increase Schroder's staff and a mandate was given to hire 40 new employees for the Asian securities business, sources said. The fate of Schroder's Tokyo office is not clear, but the sources said the pull-out would extend across equity broking, research and trading in Asia. Last year's merger announcement between Union Bank of Switzerland and Swiss Bank Corp is expected to lead to more redundancies in the region's equity securities ranks. Across Asia, the two banks employ about 5,000 and announcements on staff appointments are expected within days. Many inside the banks expect about half of the combined staff to be made redundant. As full service investment banks, there is a direct overlap between the two operations in nearly every Asian office. In the past month alone, Peregrine's closure, lay-offs at W.I. Carr and the sale of BZW Securities have put thousands of equity and debt specialists on the streets. An announcement is also expected soon from Soc-Gen Crosby detailing big redundancies at its securities operations across the region.