Fidelity International is cutting several hundred jobs from its UK operations as deteriorating investment markets take their toll on the group’s revenues and profitability.
The latest round of job cuts will be completed by the new year, following a period of consultation with staff. Fidelity employs about 5,000 people, of whom about 2,100 are in the UK.
The job cuts underline the difficulties that the asset management industry faces as the combination of falling equity and bond markets and faltering investor confidence hits assets under management and fees.
Other asset managers are cutting swathes from their workforces. New Star Asset Management last week said it was cutting up to £20m in costs and 60 jobs in response to the worsening market conditions. Henderson and Schroders are also cutting costs as they battle with slowing inflows and rising redemptions from funds.
Financial Times, Daily Telegraph