Fund manager GAM is accelerating its cost-cutting programme in the face of a major drop in assets under management.

Fund manager M&G is to cut staff numbers by 10% following a fall in pre-tax profits from £1.62bn to £1.149bn.

Guardian, the protection insurance challenger focused on financial advisers, has made 12 staff redundant and a “small number” of other redundancies are being considered.

Wealth manager and SIPP firm Mattioli Woods has made 18 staff redundant from a workforce of 622 as it pushes through “operational efficiencies” following  a period of rapid expansion and acquisition.