Jason Hollands, head of corporate affairs, and the four strong press communications team at F&C have been told their jobs are at risk as part of its continuing cost-cutting measures.
It is believed that a contract has already been signed with an outside PR agency to take on future media enquires.
Late last year, group executive chairman Edward Bramson updated investors on F&C’s strategic review aimed to achieve cost cutting of as much as £33.2m by 2013, achieved through job losses. Bramson usurped former chairman Nick MacAndrew as part of an extraordinary boardroom coup in February 2011 and has always stated he intends to streamline the business.
As part of the asset manager’s Q3 results, Bramson said the one-off cash cost of the savings was expected to be £14.6m, of which £10.7m related to redundancy payments. This leaves incremental savings of £21.2m, with £16.6m coming from staff reductions and the remainder £4.5m from non-staff reductions.
In a statement released this morning, F&C confirmed that Hollands will be leaving the group over the coming months to pursue other opportunities.
"The members of the F&C Group communications team have also been informed that their positions are at risk and full consultation with employees is now taking place," it said.
"F&C announces that Tracy Fennell, group head of marketing, has assumed responsibility for press communications with immediate effect along with F&C’s incumbent PR agency, FTI Consulting. David Logan, chief financial officer will be taking responsibility for investor relations."