The $4 billion Wellington-based Alliance Bernstein is moving its operations out of New Zealand.
It's been reported that the company will close down its New Zealand-based operations and deal with clients out of Sydney and Melbourne.
Alliance Bernstein entered the New Zealand market in early 2001 and its clients include 50% owner AXA Asia Pacific, which is itself subject to a takeover bid from its French parent and Australia's AMP.
Other clients include the New Zealand Government Superannuation Fund.