Ignis Asset Management yesterday confirmed the closure of its Japan desk, the departure of fixed income head Joe McKenna and a wave of redundancies in its marketing operation.

Ignis Asset Management yesterday confirmed the closure of its Japan desk, the departure of fixed income head Joe McKenna and a wave of redundancies in its marketing operation.

As revealed by The Herald earlier this month, Ignis, formerly Resolution Asset Management before adopting the Latin term for fire earlier this year, began a 30-day con- sultation period on December 8. The Japan desk was immediately slated for closure.

Ignis confirmed, that among the 36 redundancies, are head of Japanese equities Natasha Chetwynd and team member Samuel Thawley, who joined last year from Macquarie Securities Japan.

The Japan mandates will be run temporarily by Stuart Dickson but will eventually be outsourced to another company.

Ignis, which employed more than 400 people in Glasgow out of a UK workforce of 450, said yesterday McKenna, chief investment officer for fixed income, had taken voluntary redundancy.

He joined as a graduate trainee in 1990.