UK - Three fund managers and three analysts in Insight Investment's UK equities department were made redundant following performance problems.
John Bearman, Des Brennan and Rebecca Chesworth from the UK equity desk and Jonathan Jackson, Peter McLoughlin and Kate Pettem of the research team were let go in the final stage of the UK equities restructure within the firm.
The changes were said to be a continuation of a restructure initiated a few years ago.
Asked whether it was a problem with the individual employees, an Insight spokesperson said: “UK equities did not perform as well as expected and these people worked in this sector.”
The six will not be replaced. The spokesperson said reports claiming they had been sacked were inaccurate.
The new fund management platform will have three elements - passive/enhanced index, long only alpha and long/short.
“This new structure will put the firm in a better position to provide alpha,” the spokesperson continued.
No other big changes were said to be on the horizon apart from “a few tweaks”.
Insight head of equities Sandy Black, said: Our new approach will give Insight UK equity portfolios a sounder footing for the future and prepare the ground for successful higher alpha and long/short portfolios.”
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