Alliance Bernstein, a fund manager managing $4 billion funds in New Zealand, is set to say good bye to New Zealand by closing its Wellington office, the move that could affect a dozens of local staff working in the office.

The firm would handle its New Zealand operations from Sydney and Melbourne. One of the bigger New Zealand share managers, AllianceBernstein is half owned by Axa Asia Pacific and it has a good track record in returns.

Brian Gaynor, the business commentator of the firm said that shifting location was under discussion for a long time. Having office in Wellington is not economically viable for the fund house as a number of major financial institutes have left the city.

Gaynor added, '"It's the continuation of the colonialisation of our finance industry. Of course the (major) banks are all Australian owned and this is not a good trend for us."

Michael Bargholz, the Australian Managing Director of the fund manager said that that the decision has been taken after much deliberation with staff and management.  Alliance Bernstein's would operate its combined Australasian equities operation from Sydney and combined fixed-interest team from Melbourne.