UK - Towers Perrin is "virtually closing" its UK investment consultancy arm after deciding to retain only one senior analyst in the division.
The other senior members are being laid off because there is no longer a role for them.
The move follows Towers Perrin’s decision to outsource the manager selection process to multi-manager Frank Russell.
Sources at Towers Perrin say Jeremy Cooke will be the only senior member of the team to survive the shake-out in the once 20-strong team which began when department head John Conroy left at the beginning of last year.
The consultancy has filled investment roles of departing staff with actuaries sourced internally. And there has been conscious efforts to downsize the investment team.
An ex-Towers Perrin senior consultant: “You could argue Towers Perrin has closed its investment consultancy business. It is trying to make out it will still focus on asset allocation decisions or investment strategy.”
But a Towers Perrin spokeswoman said: “Following the announcement of our relationship with Frank Russell for the implementation of investment management selection, we are now in the process of restructuring the UK asset consulting services’ practice.
“There are over 150 consultants based in the London office who provide, among others, asset-related services to clients.”
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