Bircham Dyson pulls plug on investment management team
London firm Bircham Dyson Bell is to close its investment management department and recommend to its 200-plus clients that they transfer their business to investment management company Rathbones.
The Westminster-based practice has chosen to shut the department rather than hive it off - as many other law firms with investment business have done - following a thorough review of the options, according to managing partner Michael Wood.
Mr Wood said that both a desire to concentrate on the firm's core legal work and the increasing compliance costs of Financial Services Authority regulation - which he described as 'pretty onerous' - had led to the decision.
He added that investment management was not an area 'where we can effectively try and compete with the specialists'.
The work generated accounted for only a 'small proportion' of the firm's income, Mr Wood said.
The department will close for business on 5 April.
Mr Wood said the firm had undertaken a full redundancy consultation process with the seven staff affected and he was 'hopeful a few people will accept other positions within the firm'.
Neil Rose
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