British wealth manager Brooks Macdonald has unveiled plans to slash 50 jobs in order to improve margins in the medium term and drive future growth.

The move, which is subject to consultation, will mainly impact administration and IT functions.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The changes are expected to have a one-off cost of £3m, which the firm will exclude from its reported underlying profit.

Through the move, the firm anticipates £4m in annualised cost savings.

The wealth manager said that the headcount reduction will enable it to respond to changing preferences of clients and advisers and make it easier for advisers to conduct business with the firm.

Brooks Macdonald CEO Caroline Connellan said: “As part of the next phase of our strategy, as outlined at our annual results, we are focussed on driving medium term margin improvement as well as making Brooks Macdonald easier to deal with for both clients and advisers.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“The changes we are announcing will make us more responsive to changing client and adviser needs, and help deliver greater value from our future growth.”

Furthermore, the firm revealed that it has identified opportunities to remove duplication from core processes. These include centralising client account opening as well as client reporting.

Brooks Macdonald has recently expanded in the UK to include an East Anglia office, opened last year, and a Wales office, launched in 2017. It is understood these and other Brooks Macdonald offices will remain operating as normal after the job cuts.