Henderson to slash jobs in cost-cutting drive

Henderson Global Investors is looking to make the business more efficient with plans to slash jobs before the year-end.

The fund management group has launched a consultation across its front and back offices in a move which designed to streamline the business and ensure it is better placed for future growth.

A spokesperson for Henderson said the company's strict cost discipline would allow it to invest in core areas of the business.

'Whilst there are likely to be headcount reductions in some parts of our business we will also continue to invest in other areas where we see future client demand,' he added.

The move follows Henderson's acquisition of Gartmore back in 2011, which saw the firm take on a number funds and led to rationalisations across its fund range.

In its most recent interim management statement covering the third quarter, chief executive Andrew Formica (pictured) also made reference to the firm's cost discipline, saying: 'Our cost discipline allows us to continue to invest in the business and enhance the service we provide to our clients. This means that we are well positioned to benefit from any improvements in investor sentiment.'

Over the third quarter the firm posted a £1.2 billion inflow, taking total funds up to £64.8 billion at the end of September.