IFA Chartwell Investment Management has axed several of its staff – including high-profile head of discretionary administration Tim Cockerill – in a cost-cutting exercise.
Cockerill and four other staff were told last week that their jobs were to go, with the IFA struggling in the present market conditions.
The remaining staff will collectively assume the responsibilities of Cockerill and the other four – who mainly performed admin duties – although it is seeking several new recruits for its pension business.
A pension adviser, technician and accounts clerk are being sought as well as an administrator for the asset management side.
The new recruits will bring Chartwell's total number of staff to 29.
Chief executive Craig Wetton says the move is a direct result of depressed income levels but denies that the redundancies have been forced upon the company, saying it was a long-term decision to ensure Chartwell's future well-being.
He says: “The financial services market is a fairly tough place to be at the moment and the redundancies are a prudent financial decision. We need to cut costs while managing to maintain a structure which allows us to take advantage of opportunities and preserves our research capabilities. It is commercial common sense.”