The Asian operations of Equity Trust are facing major challenges, with more than six resignations in Hong Kong and Singapore in recent weeks, according to sources. The resignations include Michael Shue, the general manager based in Hong Kong, while all but one of the Singapore trust team are also believed to have left the organisation. The resignations have come as new Hong Kong managing director Robin Harris has implemented a restructuring following the recent transfer of Mathias Belz to the Geneva office. As part of the restructure, trust administration is believed to have been outsourced to Equity Trust’s Labuan office, which is owned by Frederick van Yuyll and Raymond Wong. The Labuan office is believed to be hiring up to 60 new staff, while some $300,000 is being spent on infrastructure, including the IT to deliver the outsourcing capability. The revenue figures for the Hong Kong office are also understood to be significantly behind budget, while the IPO planned for next year is now expected to be postponed. Equity Trust was contacted by WealthBriefing but declined to comment.