* Fox-Pitt to close in Asia rather than fold into Macquarie
* Fox-Pitt decision comes after wave of departures after deal
* Several at FPK going to Keefe Bruyette & Woods - source (Adds details, background)
By Michael Flaherty
HONG KONG, Oct 15 (Reuters) - U.S. brokerage Fox-Pitt Kelton
will cease operations in Asia, according to a memo obtained by
Reuters on Thursday, after a wave of resignations following its
agreement to be bought by Austalia's Macquarie Group
A source familiar with the matter said several Fox-Pitt employees had left to join Keefe, Bruyette & Woods, a small U.S. brokerage seeking to expand in Asia.
"FPK has unfortunately seen some resignations from a good number of our employees in Asia. As a result of this, and after careful consideration and analysis, we have decided to cease business operations in Asia as soon as possible," Charles Myers, global head of equity at Fox-Pitt Kelton, said in the memo.
FPK employed about 20 people in Hong Kong and also had a Tokyo office. The original intention was to integrate FPK Asia with Macquarie, said a source familiar with the matter, but the number of departures in the last few weeks at the financials focused brokerage was too heavy for it to stay open.
Macquarie, Australia's biggest investment bank, agreed this month to buy Fox-Pitt Kelton Cochran Caronia Waller for $130 million, in a push to expand its presence in North America and Europe. (Reporting by Michael Flaherty; Editing by Chris Lewis)