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Brooks Macdonald Group to reduce headcount

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Brooks Macdonald Group to reduce headcount

U.K.-based asset manager Brooks Macdonald Group plc proposed a net headcount reduction of 50, mainly in its administration and IT areas, as part of proposed efficiency improvements.

The company said Jan. 10 that expects the measures to result in an annualized cost reduction of £4 million.

The changes are expected to cost the company £3 million in a nonrecurring expense, which it plans to exclude from its underlying profit numbers.

The company will issue its half-year trading update and quarterly announcement of funds under management on Jan. 24.