Chase de Vere Investments is to be merged with intermediary group MX Financial Solutions (MXFS), as ...
Chase de Vere Investments is to be merged with intermediary group MX Financial Solutions (MXFS), as their parent company, the Bank of Ireland, looks to cut costs.
As part of the merger, staff numbers will be cut by around 350, or 40% of the total headcount. Mike Soden, Bank of Ireland chief executive, said the merger will eliminate duplication and see some activities scaled back, although the target areas have yet to be identified following consultation with staff across both firms.
A group spokeswoman said the majority of the staff cuts are expected to be in administrative roles and management, with sales-focused staff the least likely to be trimmed. 'In the current depressed investment climate, it is important to focus our efforts behind our strongest intermediary asset,' Soden said.
He added advisory business will be a key priority for Roy Keenan when he takes over as chief executive of the group's UK financial services division on 1 March.
The merger will broaden Chase de Vere's client proposition to include corporate advisory services in addition to its investment advisory business.
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