Swiss-based investment fund management company GAM has announced it will be reducing its global workforce by around 15% as part of a restructuring programme.
The firm currently has over 1,000 employees in 11 countries, including around 175 at its Dublin office on Townsend St.
GAM has said its Irish office will be one of the locations to have the largest number of job losses.
The company said the main reason for the restructure was that it wanted to focus on its core business of portfolio fund management as well as client account management.
It will be outsourcing other services, such as accounting to reduce costs. Those arms of the company directly carrying the GAM name will be most affected.
In a statement to RTÉ Business the firm said: “In order to reduce complexity and duplication within its business, GAM has reviewed its operations and IT infrastructure.
“As a result, it will work with State Street to provide fund accounting and middle office processes and plans to reduce the total number of jobs across all of its locations by approximately 15% during the next 18 months.”
It added: “GAM plans to avoid redundancies as much as possible, by using the Group’s natural staff turnover to find alternative roles in-house and by working with State Street, who has committed to review GAM applications as part of its recruiting process.
“Individuals who do not find a suitable position will receive support in search of new employment and appropriate redundancy payments.”
The restructuring is expected to be carried out over the next 18 months.
