View more on these topics

F&C to axe up to 99 jobs in £15m cost-saving programme

F&C Asset Management is to cut between 60 -99 jobs as it looks to cut costs by £15 million or 10 per cent of its cost base.

In a market update this morning the firm announced that it would be looking to maximise operational efficiencies and trim back to “reflect lower market levels and the weaker operating environment.”

A 30-day employee consultation to review several business areas is already underway and final figures of redundancies are expected to be confirmed upon completion.

According to F&C spokesman Jason Hollands, the cuts will primarily affect support staff with minimal impact on front-line fund managers and no expected impact on retail funds and investment trust management.

The cost-cutting plans follow those announced in the firm’s interim results in August which announced annual savings of £12m, the benefits of which are expected to be felt in 2009.

F&C chief executive officer Alain Grisay said: “In order to address the downward pressure on revenues and margins, we are undertaking a targeted cost reduction programme which both reflects this and the economies derived from our investment in new systems and back office consolidation projects. These actions are necessary to ensure that we have a cost base that is appropriate for these tougher trading conditions.’”


Recommended

Latest fund analysis from OBSR

The latest analysis of the fund factsheets downloaded from Old Broad Street Research show that time served managers are proving popular.

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