Ignis Asset Management has laid off half of its U.K. equities team, which manages over £10 billion of funds, Citywire reports. Neil Richardson, who headed the team, will leave the firm along with three other U.K. equity managers, Finlay MacDonald, Gary McAleese and John Stewart.

Ignis’ CIO for equities Mark Lovett will now be responsible for one fund and will seek to turn around performance for Aberdeen’s retail and life assets invested in U.K. shares. The Glasgow-based firm will be hiring to strengthen the team further.

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