Scottish Widows Investment Partnership will cut more than half of its equity investment staff as part of a complete revamp of its stock strategies.
The equity investment team will be reduced to 15 from 38, and SWIP's quantitative team will play a much greater role in managing all equity portfolios, a spokeswoman confirmed.
The firm expects it will lose less than £2 billion($3.17 billion) of its total £54 billion in equity assets as a result of the revamp, the spokeswoman said. Company representatives are speaking with clients regarding possible moves to other strategies or asset classes, the spokeswoman said.
SWIP has not announced which strategies it will drop, however the spokeswoman said regional approaches, such as U.K. equities, will be run by a newly reorganized global team.
The quant team will assume a greater role in managing all of the firm's equity strategies, applying a low-risk overlay to fundamental, bottom-up approaches.
Andrew November will remain director of equities; Will Low will continue to serve as head of global equities, and Sean Phayre remains head of the quantitative investment group.
The spokeswoman said SWIP will have further information about the revamp next week.