Swip investment sales director Stephen Packter has been made redundant.
Packter is set to leave the firm on June 8. Previously he was joint-head of multi-manager distribution, but from January this year, he focused on his regional sales director for the North role.
Last month, Money Marketing revealed Swip had told five of its 14-strong investment sales team to reapply for their positions as part of a restructure.
Five members of the investment sales team who work with discretionaries and intermediaries were told to reapply for their jobs as part of the firm’s decision to change a number of roles.
At the time, a spokeswoman from Swip said: “We can clarify that the change in role profile for the ISDs is broadly around ensuring the current structure, which sees a more siloed approach, changes to one where the team has a holistic client view covering IFAs, discretionary advisers and platforms.”
This followed its announcement that it would be cutting 23 out of 38 roles in its equity investment team as part of a move to ‘lower-risk’ investment strategies.