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Scott defends job losses after twin takeovers

John Scott & Partners says the redundancies as a result of it buying Charcol Holden Meehan and Charcol Aitchison & Colegrave are necessary because of duplication of roles.

The firm says some staff went because they did not have the skills to develop long-term relationships with high-net-worth clients in a fee-based environment.

At the end of 2004, John Scott & Partners bought both firms, previously owned by Bradford & Bingley, and said that job losses would be unavoidable.

John Scott & Partners says it is growing and says it has recruited further quality IFAs and support staff, inc- luding Coutts & Co IFA Marc Cuddihy, Chase de Vere’s Alex Hatfield and Chris Oakland from UBS.

John Scott & Partners investment manager Patrick Conn-olly says: “All such mergers tend to result in some shake-out. John Scott & Partners is aiming to be the UK’s premier employee- benefits consultant, independent financial planner and wealth manager for high-net-worth individuals and corporate clients. To achieve this, we cannot scrimp on the quality of our staff and the focus on our strategic vision.

“If we believe that some individuals are not of the required quality, if they do not share our vision of where the company is going, or if they feel uncomfortable in a growing and changing business environment, then it is entirely possible that they will leave.”

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