British investment manager Quilter is reportedly planning to slash around 400 jobs as the company continue to pursue its cost-cutting measures.
The company has already sacked at least 200 people in areas such as financial advise and HR and is likely to lay off additional 400 staff in the future, City A.M reported citing people aware of the matter.
These redundancies are said to be part of Quilter’s optimisation programme put in place to improve its operational performance following its listing on London Stock Exchange in 2018.
It is also aimed at getting rid of duplicate roles across the company, following its spin off from Old Mutual in June 2018.
The move is expected to deliver around $70m (€58m) cost savings to the firm by the end of the year.
According to the sources, the company has been executing the redundancies in phases, making it hard to figure the exact number of jobs slashed so far.
The layoffs are said to mainly impact employees working on the company’s platform business.
Quilter wrapped up the platform transformation in this February, spending approximately £200m for the upgrade.
Last week, the company announced the rebrand of platform from Old Mutual Wealth to Quilter.
A Quilter spokesperson was quoted as saying: “We have spoken for some time about our focus to deliver an improvement in Quilter’s operational performance and ensure the business is lean, agile and well set for the future.
“Our platform transformation was a critical programme to help the business become simpler and more streamlined. As more processes are now completed online, we have made a reduction in headcount in back office roles.”
The spokesperson also added that service centre is recruiting to ensure ‘advisers continue to receive the high standards of service they expect from us.’
Other developments at Quilter
Last month, Quilter International appointed Nicholas Kourteff as its new Singapore CEO.
Quilter reported a 26% year-on-year jump in total assets for the first quarter of 2021 driven by improved net flows, positive investment performance, and bounce back in markets.
In May this year, Utmost Group agreed to acquire Quilter International from Quilter plc for £483m ($665m).