Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Brown Shipley cuts jobs in ‘lean and mean’ drive

2 comments
Brown Shipley cuts jobs in ‘lean and mean’ drive

Brown Shipley has made 30 redundancies as part of a drive to reduce its headcount by 15% and make the business more ‘lean and mean’.

The private bank and wealth manager has made the redundancies across its investment management, private banking and business development teams. A number of back office jobs were also lost.

Staff were cut from each of Brown Shipley’s five offices, and a source said the aim was to reduce headcount by 15% through voluntary redundancies. Brown Shipley said it had 231 staff in its most recent set of accounts up to the end of December 2011, and the loss of 30 would equate a 12% reduction in its workforce. 

A senior source inside the business said the staff cuts were ‘about getting lean and mean’.

‘It’s nothing on the scale of the big banks,’ he said. ‘Some of it was slack capacity and some of it was excess.’

Despite the redundancies, the firm has also recently made a number of high level hires and restructured its management team with the aim of following through on ‘ambitious’ expansion plans.

Mike Smith and Andy Ramsden have been taken on from Coutts, joining the Manchester office as private client directors.

The bank also appointed Julian Hardiman (pictured) to a newly created head of private banking role, and named Peter Stiles as head of the Manchester office.

Anne Brookes was promoted to lead the Birmingham office and Charles Fotheringham named Edinburgh head.

Brown Shipley was unable to comment.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Navigating geopolitical risk with ETFs

Navigating geopolitical risk with ETFs

ETFGI’s Deborah Fuhr on how investors can use exchange-traded funds to position their portfolio.

Play Sarasin’s Boucher: why I like salmon with chocolate

Sarasin’s Boucher: why I like salmon with chocolate

Henry Boucher, manager of the £129 million Sarasin Food & Agriculture Opportunities fund, explains why he is gobbling up salmon and chocolate stocks.

Play Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Libby Ashby and leading wealth managers analyse what the Alibaba IPO hype means for Chinese equities, slowing growth of the UK economy and whether there’s anything left to play for in the European sovereign bond market.

Your Business: Cover Star Club

Profile: How David Esfandi is shaping Canaccord Genuity WM

Profile: How David Esfandi is shaping Canaccord Genuity WM

After six months as chief executive of Canaccord Genuity David Esfandi's ambitions are taking shape

Wealth Manager on Twitter