UK wealth manager Brooks Macdonald is set to cut 55 jobs, it announced today (31 October), resulting in an annualised staff reduction cost of £4m (€4.6m, $4.8m).
The cost of these changes is expected to be £3m the firm has reported, a non-recurring expense which it intends to exclude from its reported underlying profit.
The changes will not affect Brooks Macdonald’s offices across the UK and the Crown Dependencies, it has confirmed.
To read more on this topic, visit: Brooks Macdonald profits dip 12.2% despite £1.3bn MPS inflow
The job cuts sit amid a raft of changes for the firm, which it said are designed to ensure it is ‘set up for success’, and on track to deliver its strategy and drive growth.
It has said it will provide comprehensive outplacement support to those affected.
Andrew Shepherd, chief executive of Brooks Macdonald, said: “As an ambitious business, we must respond to evolving market dynamics by taking difficult decisions that will regrettably affect some of our colleagues, but make the group stronger. Our Guiding Principles demand both that we tackle hard decisions head on, and that we care for and support our employees, and this will inform how we conduct the process.
“I am confident in the opportunity ahead of us thanks to the strength of relationships we have with intermediaries and clients, and the dedication and expertise of our people.”
This news comes after Brooks Macdonald’s annual results revealed that profits dipped 12.2% for the year to 30 June despite £1.3bn MPS inflows.