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Fund managers hit by wave of redundancies

A wave of redundancies has swept the fund management industry, with Invesco Perpetual, Old Mutual Asset Management, Deutsche Bank and 3i all cutting back their workforces.

Invesco Perpetual UK sales director Stuart Alexander and Omam head of marketing Ian Pascal were the two highest-profile casualties on the retail side. Both lost their jobs after recent mergers and rationalisations saw their positions phased out, along with several of their colleagues.

Invesco Perpetual says Alexander is leaving after a restructure within its fund distribution division, which will see the creation of three new teams – discretionary, advisory and offshore.

Pascal will be replaced by Gerrard Investment Funds development director Barry Russell after last month&#39s decision to merge GIF with Omam.

3i is to lay off almost a fifth of its staff after poor results prompted it to close its Edinburgh office.

Deutsche Bank announced a further 4,500 redundancies worldwide, with 3,300 expected to come from its asset management division, many from its London office.

Henderson said it was reassessing its fund management operations, with several redundancies expected to follow over the next few weeks.

Hargreaves Lansdown head of research Mark Dampier says: “It is par for the course when there is a buyers&#39 strike. Look at the Autif figures – how much money is going round the houses at the moment? Everyone is having to look at their costs very carefully.”

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