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Cofunds cuts another 30 roles

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Legal & General-owned platform Cofunds has shed 30 employees hired ahead of the sunset clause on fund management legacy payments.

The 30 staff made redundant were in the IT and change division and come in addition to the loss of 10 roles, reported in January, cut as part of the closure of the Cofunds’ London office.

As part of the relocation of all Cofunds roles to the Witham office, head of marketing Stephen Wynne-Jones is stepping down. His departure date has not been set.

The platform was up for sale but, as revealed by Money Marketing, a deal with AJ Bell fell through in September 2015.

Legal & General results published last week show Cofunds’ inflows fell by £1.9bn to £3.5bn over 2015. At the end of 2015 assets under administration totalled £77bn.

In February 2016 Money Marketing reported Aegon and Capita were still in talks with L&G over a sale.

A Cofunds spokesman says: “Having increased our IT and change capacity in order to deliver the developments required for Sunset and other regulatory change, we’ve recently reshaped the team to better reflect the resources we need now and into the future.

“A number of new roles have been created as part of this review, but regrettably approximately 30 have been made redundant.”

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