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Jobs go at Investec Trust Group in Jersey

Investec Trust Group in Jersey is letting 16 people go, as the type of work it handles changes.

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Xavier Isaac, chief executive of the group, said the cuts were "the result of much consideration", and reflected "a consistent strategy adopted across the group, whereby we have gradually shifted our focus from providing traditional company and trust administration services to delivering more complex, value added and highly personalised fiduciary services to a select client base of high net worth individuals".

He added that the letting go of the 16 Jersey employees marked the final step in a strategic reshaping of Investec Trust Group, and added that Investec remained fully committed to its trust business.  

About a year ago, as part of its strategic overhaul, Investec Trust closed its Guernsey operation in order to consolidate its Channel Island operations in Jersey.

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