UK – Gartmore Investment Managers has announced that it will be further reducing its headcount with 30 compulsory redundancies.

Gartmore had a headcount of around 780 at the end of 2002, but will be aiming to reduce this to 700 by the end of 2003. Thirty roles have been made redundant, although a spokeswoman said that staff affected will be consulted regarding suitable redeployment. The other cuts will be as a result of natural turnover – many of which have occurred already this year.

The downturn in the market and difficulties in the industry have been held responsible for the job cuts. Gartmore has therefore been forced to realign its businesses to the areas required.

All business areas including investment management will be affected by the 30 redundancies.

As of the end of 2002 Gartmore had 44.6 billion pounds (62.8 euros) in assets under management.