Scottish Widows Investment Partnership is to cut 23 roles as part of move to reposition its £54 billion equities business.
The asset manager is to focus on global and specialist active equities as well as quantitative equities.
According to Swip, a number of smaller regional equity funds and smaller funds “no longer economically viable” will be closed.
Swip managing director Dean Buckley says: “With £143 billion of client assets, Swip recognises the changing needs of our clients and will offer solutions that fulfil their diverse investment needs.
“We remain committed to active fund management in those markets where we have confidence that we can generate strong investment performance and build long-term, valuable relationships with clients.
“However, for some of our clients, a lower-risk approach to investment is more appropriate for their needs.”
He adds: “By repositioning our equities business, investing in our multi asset capability and continuing to build on the success of our fixed income and real estate teams, I believe we will add value for our clients whilst also enabling the continued growth and success of our business.”
Will Low will remain as head of global equities, which will now include responsibility for UK small cap, real estate securities and absolute return.