GLOBAL - Australian financial services firm AMP has cut 85 jobs in its fund management arm, Henderson Global Investors (HGI).
The losses follow the release of AMP’s third quarter financial results in which Henderson reported institutional net cash flows of A$1.7bn ($861.8m), a 15% increase on Q3, 2000. The unit also posted a 12% rise in gross inflows for the period to A$9.6bn ($4.8bn).
The redundancies were announced as part of an initiative to reconfigure Henderson’s departments in a bid to weather the current market storm, said HGI. The firm initially attempted to introduce voluntary sabbaticals and shorter working weeks.
The move affects 31 employees in the UK and 54 employees in New Zealand and Australia. A firm spokesman said HGI will try and redeploy some affected staff to other areas of AMP.
By Janet Du Chenne
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