Regent Pacific, the Hong Kong-based fund management group, has implemented pay cuts of up to 20 per cent for all its staff as the global economic crisis hinders its performance. The heaviest cuts are to be inflicted on the group's four main executive directors - chairman Jim Mellon, managing director Peter Everington, finance director Jayne Sutcliffe and marketing director Sophia Shaw. Remaining staff will see reductions between 5 per cent and more than 15 per cent. Regent has been severely affected by the economic crisis, and earlier this month cut 40 of the 100 staff at its Russian securities business. It emerged yesterday that the figure may have reached 50. 'It's really a prudent measure . . . funds under management have been affected by Russia, and we want to make sure that we run the business in a prudent way,' Ms Shaw said. She stressed the group had maintained a strong balance sheet, and had not felt any adverse impact from the fall in the value of its funds under management as markets in Russia have collapsed. As of the end of March, Regent had about US$1.97 billion of funds under management, with about 55 per cent invested in Russia and eastern Europe, with about 50 per cent in Russia. It is also understood net subscriptions rose this month, expected to be more than $70 million. 'Some investors are segregated and they understand that central and eastern Europe markets have been oversold, and that there is very little linkage with Russia.' Regent is raising funds to expand its Asian derivatives and private-equity operations.