The Channel Island-based firm says it is developing its business outside of the islands to remain competitive and take advantage of new opportunities internationally, particularly in Europe.Over the next six months the private client trustee units in Jersey and Guernsey will merge and centralise in Jersey.
In addition the corporate services division will be streamlined and some functions centralised in the new Edinburgh office, to take advantage of the European market.The 15 staff affected in Jersey and 20 staff in Guernsey – ranging from senior management to junior staff – were told of the decision this morning.
However, Abacus say it is not possible to predict at this stage how many will be leaving the group in total.Chief executive Huw Bolle-Jones said: ‘Over the last two years the Abacus Group has opened offices in Edinburgh, London, Cheltenham and Amsterdam to take advantage of new opportunities and remain competitive in its chosen markets.
In less than two years we have an excellent choice of location and resources.’To date, this expansion has led to the creation of 35 posts outside the islands and positioned the group to win a number of significant opportunities from multinationals, as well as private clients.’Mr Bolle-Jones said decisions of this nature were ‘never taken lightly’.
He said in order to remain competitive the firm had reviewed their services in the light of available offices, skills, and technology and concluded that further streamlining and automation was necessary, where possible.’This plan will lead to changes in the skills and numbers of staff needed in the Channel Island offices,’ he said.
‘Wherever possible Abacus will offer staff other roles within the network.
For those staff who do leave, every assistance will be given to them to find new positions.’
