F&C slashes 70% of operational staff

F&C Asset Management is cutting 110 jobs as part of an outsourcing deal designed to save up to £12m a year.

The reduction will lead to 70% of the firm's back office staff being cut, the Times reports. However, it is expected many of the eliminated staff will be re-employed by the company selected to carry out the work. The asset manager has not disclosed which areas it plans to outsource, but the firm says investment management, client service and distribution would not be affected. F&C is in discussion with two possible outsourcing companies and is "close to selecting a preferred partner", according to the Times. The staff reduction should save the firm around £9m a year, while costi...