View more on these topics

Downturn blamed as wealth management service cuts jobs

HSBC Merrill Lynch is axing an undisclosed number of jobs from its UK wealth management venture, blaming the downturn in the world economy.

The HSBC Merrill Lynch Integrated Direct Investment and Banking Service, focusing on high-net-worth individuals, went live in April but is understood to have suffered badly after the US terrorist attacks of September 11.

It employs 700 staff worldwide, with the majority located in UK, but will not say how many or what category of jobs will be cut at its two offices in Leamington Spa and London.

HSBC Merrill Lynch says it regrets having to cut numbers but has made the decision out of necessity as part of ongoing management of its cost base.

It says the cuts will not affect the investment and savings products it offers online and offline and it will continue to expand its services. Over the next six months, it will be launching Isas, Pep transfers, a service for international investors, a managed fund programme and a customised fund.

HSBC Merrill Lynch spokesman Neal Jenkins says: “We are regrettably making staff reductions at our UK locations due to slowing economic conditions globally.”

Recommended

Aegon takes direct route with new firm

Aegon is setting up a company to offer personal inv-estment products, including Isas and unit trusts, direct to consumers.The 100-strong operation will be launched in the first half of next year in Stirling. Its brand name is still to be announced and products are still being developed but the operation is likely to focus on […]

&#39Give employers role in preventing misselling&#39

The pension misselling scandal could have been avoided if employers had been encouraged to give financial advice to their employees, says Conservative Shadow secretary of state for work and pensions David Willetts.As the Financial Services Act 1986 did not permit employers to advise staff about their occupational schemes, Willetts says a lot of them did […]

Privately managed funds soar

The value of funds in actively managed portfolios rose to £290bn in 2000 from £262bn in 1999 as investors looked to private asset managers for higher returns. The increase is even greater given the effect of negative equity market returns.The figures from PAM show that stockbrokers, private banks, fund managers and investment consulting firms are […]

Global growth to fall to 1.3 per cent in 2001

Global growth will fall to 1.3 per cent in 2001 from 4 per cent in 2000, according to predictions from the Word Bank.The World Bank is forecasting that East Asian output will only grow by 4.6 per cent in 2001, down from 7.3 per cent in 2000, while the Japanese economy will shrink by 0.8 […]

Creating opportunity out of change

By Denise Wond, marketing manager The buy-to-let market has recently been the subject of a raft of tax changes, all of which make it a less profitable and less appealing proposition for investors. In response, we’ve seen a dip in demand for BTL mortgages and that’s bad news for many advisers who will now be looking […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com