Hewitt Bacon & Woodrow cuts seven UK jobs
UK – Pensions consultancy firm Hewitt Bacon & Woodrow has cut seven staff in its investment team in a “rebalancing” of its operations.
The cuts were in response to clients demanding greater interpretation of data instead of just data production, said the firm’s European press spokesman Colin Mayes.
Paula Cook, human resources director, said: "We are currently in the process of making seven staff redundant in our Investment team. The redundancies recognise a continuing shift in our clients' requirements and a change in the way we manage the business.
“Demand for investment consultancy continues to be strong but is concentrated on high value services connected with strategic advice.
"It has become evident that we needed to re-balance the available skills in our investment consultancy and we have reflected that with the recruitment of some senior investment consultants who can offer business focused interpretation and advice - and that process will continue.
She said the firm has streamlined its processes in recent months. In January the firm, part of 2.9 billion dollar US firm Hewitt Associates, hired four consultants to its investment team, following two hires in November.
Hewitt’s chairman and chief executive Dale Gifford said recently that the company was focusing its attention on its non-US markets.