Swiss Life Asset Managers has announced plans to launch a new organisational structure in 2017 for its Swiss asset and fund management operations, which will involve merging its separately managed companies into one entity and shuttering one branch.

The company will consolidate its asset and fund management entities in Switzerland into a single fund management company , which will be known as Swiss Life Asset Management.

The new company will be based in Zurich and will be regulated by the Swiss Financial Market Supervisory Authority (FINMA).

The consolidation process is expected to be wrapped up by mid-2017, subject to FINMA nod.

The restructure will lead to the closure of its Lugano office, affecting 30 jobs. The company said that it will support the affected with professional reorientation, inside or outside the company.

The company also confirmed that that the restructure will not affect Swiss Life Switzerland’s Ticino operations.

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Swiss Life Switzerland head of customer services for Ticino Marzio Zappa said: “Ticino is a very important location for Swiss Life. We have 230 staff working for Swiss Life Switzerland in Ticino, supporting over 79 000 private and corporate clients with their life and pensions and financial solutions.”