Fund managers won't escape City cull - McDermott

McDermott, the Chelsea Financial Services managing director, says evidence suggests fund houses are beginning to purge staff across all levels, including those directly running money. While Fidelity and Threadneedle are believed to be among a number of companies to be cutting lower level staff, McDermott pointed to the silence surrounding Cara MacGregor’s recent departure from the HSBC multi-manager team as sign fund houses are willing to make managers redundant. McDermott expects a raft of fund manager changes in coming months, especially among multi-managers, in response to the curren...