10th Jan 2019 09:36
LONDON (Alliance News) - Brooks Macdonald Group PLC on Thursday unveiled a business simplification strategy which will see the investment manager lower the axe on 50 jobs.
Brooks Macdonald added that the areas which will be predominantly targeted by the job cuts are administration and IT.
The cuts and overall changes to the business are expected to deliver GBP4.0 million in annual cost reduction, although the company will incur a one-off GBP3.0 million charge to make the changes.
"The proposed changes will help the group respond to clients' and advisers' evolving needs, positioning it to deliver an improved, more consistent client experience and make it easier for advisers to do business with the firm," Brooks Macdonald said.
It added: "The group has identified a range of opportunities to streamline and remove duplication from core processes - for example, by centralising client account opening and client reporting."
Chief Executive Officer Caroline Connellan said the board "regrets" the need to make redundancies and thanks the people who will leave the business.
Brooks Macdonald shares were trading up 1.2% at 1,485.00 pence each Thursday.
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