Texas-based firm Lone Star has reportedly let go of the majority of its staff outside Japan.
Lone Star shed some 25 investment professionals who work at its mainland China, Hong Kong, and India offices on July 8, effective immediately, according to a «Reuters» report on Friday, citing two of the people.
This accounts for 60 percent of its staff across all offices, the report said. Its sources cited a lack of investment opportunities in the region outside Japan.
The remaining staff in its Asia offices are those who work in asset management and manage its portfolio. A full retreat will take place once Lone Star exits its investments in the region, the people said.
Streamlined Structure
According to a July 8 news release, Lone Star announced a new management structure: Donald Quintin and André Collin, who are in charge of the firm's opportunities funds and commercial real estate funds in Europe and the Americas, respectively, would assume responsibilities for Asia.
The firm's former Asia president Tony Messina will take a new role as senior managing director, origination, on its commercial real estate platform, «Reuters» reported, citing an internal memo dated July 9.
