Tilney Bestinvest is to restructure its execution-only business which could lead to 23 redundancies.
It follows an operating review of the business which a spokesman for the company said was aimed at positioning it for growth.
It means the firm will relocate its London-based telephone support team for its online investment service to Liverpool.
The spokesman said: “The move impacts 23 staff in non-advisory roles and the firm has launched a collective consultation to consider opportunities to minimise redundancies.
“Tilney Bestinvest confirms that the change will take place across a six-month transitional period until the end of April 2016 to ensure a smooth migration of the function.”
The firm has also announced that former Hargreaves Lansdown planner Nicholas Nicol has joined the firm as a financial planner. His hiring is part of Tilney Bestinvest’s strategic focus on expanding its financial planning team.
Background
Tilney Bestinvest can trace its roots back to a Liverpool-based company, Tilney, set up in 1836 by Thomas Tilney. This merged with Bestinvest – which launched in 1986 – in 2014. The merged firm is now based in Mayfair.
It looks after more than £9bn of its clients’ money and employs about 400 staff across its nationwide network of offices.
