India Infoline, the Mumbai-based financial services firm backed by Carlyle Group, is shuttering its securities business in Singapore due to poor performance, local reports say.

The company has been having trouble breaking even at the city-state due to high operational costs and has already applied for a temporary suspension of its trading activities on the Singapore Stock Exchange. The European debt crisis has taken a huge toll the workforce numbers of several banks and brokerages in the Asia-Pacific region, causing many firms to slash jobs by the thousands, including the likes of Samsung Securities and Macquarie Group.

Despite the planned shutdown, however, India Infoline is said to remain interested in keeping its wealth and asset management businesses in Singapore and also double its investment banking staff in India. Eleven positions will reportedly be terminated as a result of the Singapore move. 

India Infoline operates an offshore asset management business under the name IIFL Capital. The Singapore arm offers broking, asset management and investment banking services.