Glasgow financial workers face job threat after takeover

Around 250 Glasgow workers are facing the threat of redundancy after their company was taken over.

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The staff at Ignis Asset Management in Glasgow are facing the jobs threat after Standard Life Investments (SLI) confirmed the £390m takeover.

However they offered no guarantee on jobs.

Standard Life said there was a possibility the Ignis Glasgow office would close in the long term despite confirming it would be a "growing business" over the next 18 months.

A total of eight staff have left Ignis, who employ 400 staff, 250 of which are in Glasgow, after talks about the future of the firm following the takeover

A statement said: "It is inevitable that in a transaction of this nature job losses will form a part of that, but we will be doing all we can to mitigate their impact on individuals.

"The vast majority of Ignis people remain in post on July 1 and there will be no immediate changes to the products and services provided by Ignis. We have identified cost savings in excess of £50m by the third full year of ownership.

"At this point there is no planned closure of either the Glasgow or the London office of Ignis, however in the longer term our UK estate strategy will be predominantly focused on Edinburgh and London."

An SLI spokeswoman added: "We would emphasise that Standard Life Investments is a growing business. We have created nearly 300 jobs in the last five years and are confident we will create more in future and currently have 130 vacancies.

"We will speak first to our people and potential colleagues in advance of anything further being disclosed but our focus is on continuing to grow our business and redeploying talent wherever we can."

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