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Jupiter set to axe 90 jobs in restructure move

 

Fund manager Jupiter is set to make 90 staff redundant over the next six months as it looks to cut costs and restructure.

The company currently employs 500 staff globally, meaning approximately nearly one in five staff will leave.

The company this week launched a consultation with staff on the redundancies.

The company said it had undertaken a “widespread review” of its operating model and was cutting back on staff numbers to “position the business for future growth.”

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The review follows its takeover of fund manager rival Merian last year when it warned of redundancies at the time.

Jupiter said the past 12 months have been a “challenging” year for markets and companies although Jupiter had been “resilient” in the face of the global pandemic and had successfully integrated Merian.

Last July Jupiter announced in interim figures that the impact of the Coronavirus pandemic had cut pre-tax profits by 50% to £40.8m. Assets Under Management had also declined from £45.9bn June 2019 to £39.2bn in June 2020.

Jupiter CEO Andrew Formica said: “To succeed in a rapidly changing environment, it is important to focus on the activities which enable us to best serve our clients. We have an unwavering commitment to achieving this by continually striving to improve the way in which we operate.

“Jupiter has what it takes to meet the challenges ahead, and to make the most of opportunities to generate growth in a competitive landscape. To do this we must be an agile business, and these structural changes allow us to continue to work towards delivering on our strategic goals.

“The decision to implement these changes was not taken lightly, especially in this difficult environment, as it will unfortunately mean some roles will no longer be required. We understand the impact this uncertainty will have on our staff and will provide as much guidance and support as we can throughout this process.”

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