Charles Stanley is shutting its Liverpool office after the firm admitted it was forced to 'make tough decisions on the future of the branch'.
The office was opened in 2010 and from the site on Chapel Street, Charles Stanley offered investment management and employee benefits. The investment management unit will be shut down in the city, while the employee benefits business will continue to operate.
The firm said redundancies could be on the cards as roles in the office are 'under consultation'. The team includes three investment managers and it is understood that some could be offered roles in Charles Stanley's Manchester office.
Charles Stanley said it was considering all options, including consolidation of some of the investment management team, into other regional locations.
Commenting on the office closure, director Gary Teper (pictured) said: 'After a year in which we have seen two major offices open in Leicester and Cardiff, along with a very significant number of new investment management professionals join Charles Stanley across the country, we feel it is also right to look at the commercial viability of offices across our regional network.
'While the team in Liverpool have worked hard and have had some successes considering they were starting a completely new office without any pre-existing business, the business has not reached the levels we had hoped for and we have therefore had to make tough decisions on the future of the branch.'Charles Stanley has 31 offices across its regional network.