Tilney Bestinvest is to make redundant or relocate 23 staff in its London team following a review of its execution-only business, Fund Strategy can reveal.
The staff in the London-based telephone support team for its online investment service will either relocate, be made redundant or pass into “other areas of the business”, the firm said.
Tilney Bestinvest said it has launched “a collective consultation to consider opportunities to minimise redundancies”.
If staff relocate they will move to the firm’s Liverpool office as part of plans to “centralise the business”.
The firm said: “Tilney Bestinvest confirms that having undertaken an operating review of its execution-only business with a view to positioning it for future growth, the firm has decided to relocate its London-based telephone support team for its online investment service to Liverpool.”
Tilney Bestinvest said the change will take place across the next six months to ensure “a smooth migration of the function”.
Tilney Bestinvest currently employs almost 400 staff and manages £9bn of assets.