Jupiter Asset Management is considering closing its Kings Hill, Kent office following its decision to outsource its fund administration to IFDS in August.
The 69 staff in the office will be informed before the end of 2010 whether Jupiter plans to move them into a smaller office in the same area or require them to commute to its Hyde Park Corner, London headquarters.
“This is simply an exercise to determine the best location for our employees”
It says it will encourage all the staff, who work in compliance, risk and IT, to remain at the group. If it does decide to move the operations to London, the employees will be offered redundancy as an alternative.
The group adds that one “office facilities” employee is facing redundancy if it pulls out of Kent entirely.
The Kent office has a 300-employee capacity but 75 staff left in August, either opting for voluntary redundancy or moving over to IFDS, under the outsourcing. (article continues below)
A Jupiter spokesperson says: “We are now consulting with our remaining employees in Kings Hill to determine whether it would make better sense from a business perspective to move to a alternative smaller office in Kings Hill or to the existing London office. This is simply an exercise to determine the best location for our employees.
“If we choose to move to the existing London office, we would like all staff to remain with us, although there is one person in office facilities whose role is at risk of redundancy if the decision was to move to London. We expect the review to be completed by the year end.”