Last week saw two high-profile casualties in the investment industry, with head of marketing at Old...
Last week saw two high-profile casualties in the investment industry, with head of marketing at Old Mutual Asset Managers, Ian Pascal, and head of sales at Invesco Perpetual, Stuart Alexander, both leaving their respective employers.
Job cuts are rife as investment houses struggle to cope with volatile markets and plummeting sales figures. As reported in Investment Week last week, net sales of Peps, Isas and unit trusts were down more than 96% in September 2001 compared to the same month last year.
Pascal left following restructuring as part of the decision to merge the Gerrard Asset Management business into OMAM, while Alexander lost his job after a major restructuring of Invesco Perpetual's fund distribution channels and intermediary support teams.
At the same time, 3i Investors has announced it is to cut 17% of its staff across the globe, as investment volumes come down in the venture capital and private equity market. Further redundancies may also result from Henderson Global Investors' ongoing restructuring review. Looking at ways to cut costs, the group offered staff the opportunity to take shorter working weeks or a sabbatical, but not voluntary redundancy.
This latest round of bad news comes after job losses at both Govett and M&G last month. M&G cut five fund managers and 10 analysts from its ranks, along with 11 sales and marketing staff. The redundancies have meant the group's chief investment officer, Vivian Bazalgette, and head of UK equities, Sam Morse, returning to fund management.
Govett made 17 of its senior sales staff and analysts redundant in an extensive streamlining exercise, including international sales director Bill de Lucy and managing director, investment trusts, James de Sausmarez.
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