Barclays Capital has shut down its funds management business in Australia, leading it to declare three staff, including director Caroline Saunders, redundant, the firm has confirmed in an e-mail reply to WealthBriefingAsia.

In a letter addressed to investors in May 2013, Celsius Investment Australia, which handled Barclays' funds in the country, announced that the UK banking giant will be ceasing its local fund management operations following a review of global investment management activities. Celsius, a wholly-owned subsidiary of Barclays Bank, said the division was no longer viable and that all monies invested in the funds were to be returned to unit holders after 5 June, or the termination date for the funds. 

"CIAL has determined that it is not possible to continue to offer the fund's investment strategy in Australia without the ongoing support of Barclays," it noted.

The funds management arm was established in 2007 and had around A$70 million ($65.8 million) in funds under management. The products were geared toward financial planners and high net worth investors.

The shutdown affected not only the Australian staff but also the Singapore-based employees who provided support on the funds. Saunders' next move is not yet known.