Wealth and investment manager Brooks Macdonald is to cut 55 jobs - about 10% of its workforce - as part of cost-cutting measures announced today.

The firm said that the job cuts would help reduce staff costs by about £4m per annum.

Earlier this month the firm reported net outflows of £70m for its Q1 ending in 30 September and said, in tandem with many competitors, markets had been “difficult.”

Brooks Macdonald said the cuts from its 512-strong workforce were designed to ensure it is, “set up for success, organised to deliver its strategy and drive growth.”

Brooks Macdonald is informing employees of the proposals today and will launch a consultation with them. The group will provide comprehensive outplacement support to those affected, it said.

The company says the changes will not affect service levels nor its footprint of offices across the UK and Crown Dependencies.  

Brooks Macdonald says it expects the cost of the changes to be up to £3m, a non-recurring expense it intends to exclude from its reported underlying profit. 

For Full Year 2024 the group says it continues to expect overall costs to grow in mid-single digits, in line with existing market expectations.

Andrew Shepherd, CEO of Brooks Macdonald, said: "As an ambitious business, we must respond to evolving market dynamics by taking difficult decisions that will regrettably affect some of our colleagues, but make the group stronger. 

“Our guiding principles demand both that we tackle hard decisions head on, and that we care for and support our employees, and this will inform how we conduct the process.

"I am confident in the opportunity ahead of us thanks to the strength of relationships we have with intermediaries and clients, and the dedication and expertise of our people."