Seven sales staff have quit fixed-term annuity provider Living Time to join MGM Advantage as the company’s decision to halve staff costs starts to bite.
Last week, Living Time acc-ounts revealed the firm is to get £450,000 of working capital support from Alico by February 28.
The decision to implement a “wide-ranging staff cost reduction programme” follows confirmation of a £284,265 loss for the year ended March 31, 2010.
Earlier this month, Money Marketing revealed sales staff had left Living Time as the firm prepared to announce a distribution deal with MetLife.
MGM Advantage director of sales and marketing Aston Goodey confirmed seven former Living Time sales staff had joined the firm as it focuses on asset-backed annuity sales.
Following its partnership deal with distributor Openwork, MGM has also recruited former head of Openwork Market Solutions Justine Randall as head of partnership deals.