Tenet Group’s investment arm Sinfonia Asset Management has axed its regional sales team and will no longer promote its funds externally after a strategic review.
Its three regional managers were made redundant this week and it will now only promote its funds through Tenet.
Sinfonia, which launched in February 2008, has around £80m under management. It has five risk-rated multi-manager funds – adventurous growth, balanced managed, cautious managed, income and income & growth.
Sinfonia’s new Prime Portfolio, which was developed with 7IM and F&C, will also be marketed through Tenet.
The redundancies leave one person responsible for field-based sales and two head office sales staff at Sinfonia.
In August 2009, Sinfonia said it planned to market its range to the wider IFA market to help it reach assets of £100m by September 2010. At the time, the firm had £30m under management
Sinfonia sales and business director Helen Turner says:“Sinfonia Asset Management is now well-positioned going forward. It is always very unfortunate when anyone loses their job and we hope to be able to find those in question new positions in the business.”