Martin Currie is making about 20 of its staff redundant to cut costs and increase profitability. J...
Martin Currie is making about 20 of its staff redundant to cut costs and increase profitability.
Jennifer Bell, sales manager for Scotland and Northern England, left the company last week. Bill Lambert, director of investment operations, is to leave shortly.
Additionally, the jobs of a two-strong strategy team and seven IT staff are under discussion and up to a further nine redundancies will be announced in coming weeks.
The group had 236 staff in total before the redundancies but this will increase by around 10 when the private-client business of Martin Currie merges with another private-client company, of which details are not yet known.
The redundancies at Martin Currie continue a growing trend in the industry to cut costs. In recent months, Aberdeen, Gartmore and Legg Mason have implemented cuts to their sales teams. The Cofunds fund supermarket platform has also cut jobs in a bid to reduce costs and Govett has outsourced its administration, resulting in job losses.
Other funds to make administrative, sales and fund management staff redundant are Schroders and Amvescap.
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