The three Hong Kong-based fund managers with Investec Asset Management will be performing their last day's work on Monday as the South African fund house reorganises its regional operations in light of poor demand for Asian equity products and the sale of some of its assets under management. 'The three members of our investment team will be made redundant. It's a reflection of the very difficult time for Asian [equity] fund management,' said Stewart Aldcroft managing director of Investec Asset Management Asia. Even though valuations of Asian equities were at historic lows, investors in the region were putting their money in bonds and guaranteed funds offered by Investec and its rivals, Mr Aldcroft said. There was also scant interest in Asian equity funds from Europe and the United States. 'There isn't an awful lot of money coming into Asian [equities] right now,' Mr Aldcroft said. The situation is being exacerbated by the sale of Investec's US mutual fund assets to veteran fund executive Tim Guinness. Mr Guinness has formed a new London-based company, Guinness Atkinson Asset Management, to handle the US$120 million in assets. A good portion of this is in Asian equity funds being managed by Investec's Hong Kong team. The assets remaining under the Hong Kong team's management were not sufficient to justify it being kept on, Mr Aldcroft said. This money will now be managed out of London by a new Investec recruit, Mark Breedon. Mr Aldcroft declined to say where the three departing managers would be going. But a well-informed source said regional chief investment officer Robert Conlon would be working for fund house BlackRock in Edinburgh, Edmund Harriss would be moving to Guinness Atkinson and Agnes Chow was going to HSBC Asset Management.