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Four managers depart as Ignis’ axe falls in Glasgow

Ignis is looking to close its Japanese equities desk and has announced four high-profile redundancies as part of a job cutting programme within its Glasgow office.

Fixed income head Joe McKenna, Japanese equities head Natasha Chetwynd, Japanese fund manager Samuel Thorley and US equity manager Douglas Wright are the latest to go as the firm trims up to 36 from its 458 headcount in Glasgow. Half of the 36 job cuts have opted for voluntary redundancy.

Ignis’ £400m Japanese mandate will be run by Stuart Dickson until a outsourcing deal is completed, details of which are expected in early 2008.

The Japan desk includes retail funds, institutional mandates and life company assets.

Ignis began a 30-day consultation period on December 8 to review costs and redundancies within sales, marketing, operations and fund management.

Ignis spokesman Ben Robinson says: “This concludes our redundancy programme. The rest of the redundancies have come from cross-business divisions, the majority of which are from the marketing department. We’re shifting the marketing emphasis to London but some presence in Glasgow will still be retained.”

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