Ashburton staff are told half their jobs may be at risk
Ashburton Investments’ international business has placed more than half of its Jersey staff on notice that their jobs might be at risk as the firm restructures.
In addition, managing director Tony Wilshin, who took on the role only a year ago, has resigned and Jeff McCarthy has been appointed as chief operating officer: international.
The firm, which employs just over 60 people in the Island, is part of the South African-based First Rand Group.
Ashburton Investments sent a statement in response to Business Brief’s questions about the news. It said the company had been on a journey of transformation over the past few years and: ‘In line with international trends in asset management, the next step in our transformation journey is the focus on enhancing and modernising our operating platform to better meet the needs of our global client base. This transformation may require an operating model change in Ashburton Investments’ international business, to ensure it is optimally structured and linked into the broader Ashburton Investments business to set us up for greater scalability, growth and sustainability.
‘This operating platform review may impact people in the Jersey-based business, as we reassess our future requirements and structure.
‘While we go through the process of identifying and finalising the future requirements and structure, under Jersey Employment Law we are required to inform and consult with all staff in potentially impacted functions that their roles may be “at risk” in the future.
‘This process does not affect our investment team and we are working hard to ensure that it does not impact on our clients’ investment or service experience with us.’
Ashburton Investments moved into the new IFC1 building only in March of this year, saying 70 staff were involved in the move, which sees them occupying the entire ground floor of IFC1.
Ashburton was established more than 35 years ago.