Baillie Gifford is offering staff the option to voluntarily leave the firm as part of its strategy to refocus the business on international markets.
CEO Tim Campbell recently issued an internal video update telling UK-based staff they have the option to exit the firm, according to people familiar with the situation, the FT reports.
The asset manager, which employs 1,600 people in the UK, is looking to serve more family offices, US and Asia intermediary clients, such as financial advisers and wealth managers, and customers wanting more exposure to private assets.
The voluntary exit programme would allow the company to retain roles while giving UK-based staff gave “the option to leave on enhanced terms”, the asset manager said, adding this was “intended to give people choice while ensuring the firm has the skills and resources needed to succeed in the years ahead”.
Baillie Gifford made redundancies in early 2024 but this is the first time the firm has offered a voluntary exit.
A spokesperson for the firm said: “Baillie Gifford continues to evolve, as it has done for more than a century, to remain relevant to clients and well positioned for the future. The firm is always investing in technology and innovation – this month we launched a suite of active ETFs in the US, an Islamic global equities fund, and the UK’s first tokenised fund.
“Our industry is progressing rapidly, and client needs are shifting. The future demands new capabilities and ways of working, and we must continue to adapt to meet those changes. Standing still is not an option.”
They added: “Therefore, we have offered a voluntary exit programme to UK-based staff, giving them the option to leave on enhanced terms. This is intended to give people choice while ensuring the firm has the skills and resources needed to succeed in the years ahead. We remain focused on our clients and this programme will not affect the service they receive.”
