Zurich Financial Services has decided to move the retail headquarters of Zurich Scudder Investments to Chicago. Currently, the firm has 900 people in its Boston offices, with between 500 and 600 working in the retail business.
Spokesperson Laura Trumble said the firm is unable to confirm the number of employees that will be affected, but said, "Were not bailing out of the Boston office; we will absolutely have a Boston presence."
The relocation will bring the Scudder team to the existing intermediary-focused business at Kemper Investments, located in Chicago. Scudder, formerly a no-load complex, has since adopted Kempers intermediary-focused strategy; it comes as no surprise that the firm would also have to move its headquarters.
"This is part of a strategic move to reinforce the strong intermediary-based business in Chicago," said Trumble.
As of yet, Scudder has not announced which positions will definitely be affected. Although Trumble did not offer a timeline, she did say that the shift will likely occur after the firms upcoming acquisition by Deutsche Bank, expected to close before the end of Q2.
"Any changes that are made will mostly likely happen by the end of the year," she said.