(Bloomberg) -- French asset manager Tikehau Capital SCA is considering cutting headcount next year, according to people familiar with the matter.
The Paris-based firm could reduce its workforce by as much as 15%, said the people, who asked not to be identified because the matter is private.
A spokesperson for Tikehau declined to comment on the headcount plans. French publication La Lettre first reported on the matter on Friday.
Earlier on Friday, UBS Group AG told Bloomberg that it’s similarly weighing job cuts in France due to the country’s deteriorating economic outlook and the lender’s ongoing combination with Credit Suisse. French business confidence dropped in December and the economy is set to expand by only 0.2% per quarter in the first half of next year, according to the statistics agency.
Tikehau said in its third-quarter report in October that the group was looking to streamline costs “while strategically reallocating resources to strengthen its core operations and support international expansion.” The group’s share price has declined by more than 20% since September.
The firm, which managed €47.1 billion ($49.2 billion) in assets at the end of September, told the Financial Times last month that it was weighing to move its listing to New York from Paris to tap more liquid US markets and raise the profile of its business.
The money manager also formed partnerships with Tokyo-based asset manager Nikko Asset Management and Singapore’s UOB-Kay Hian earlier this year to expand its presence in Asia.
Founded in 2004 by Mathieu Chabran and Antoine Flamarion, Tikehau operates multiple strategies including credit, real assets and private equity. The money manager employs 767 people globally, including New York and Abu Dhabi, according to its website.
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