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February 16, 2011

RSM Tenon warns of job cuts

RSM Tenon may cut about 60 jobs as a result of the firm’s integration with acquired businesses Vantis and Bentley Jennison.

RSM Tenon is currently consulting staff about the possible redundancies, which may be less than 2 percent of the firm’s total staff, but a spokesperson told the International Accounting Bulletin it hopes to redeploy as many of the staff affected as possible.

The firm added that it is continuing to recruit new staff and does not expect its overall headcount to decline.

In December 2009, Tenon merged with RSM Bentley Jennison to form RSM Tenon and in 2010 RSM Tenon acquired £7m ($11.3m) of Vantis assets after the firm announced it was entering administration.

New recruits

Today RSM Tenon announced the expansion of its risk management business advisory services through the appointment of a new specialist organisational development team.

The five-strong team has joined from Irish firm FGS, a member of RSM International. 

The service provided by the team will help organisations going through periods of change, in particular advising on organisational structures; executive and management capability, and people and skills needed.

It will also provide placements for foreign students requiring language and work experience in the UK and for UK students requiring overseas work experience in other European countries.

The firm has also boosted its investment team with the appointment of Keith Speck.

In his new role, Speck will develop the discretionary management process, help run the model portfolios and manage a number of bespoke high net worth client relationships.

Speck, who has more than 17 years experience in international private banking and asset management, previously worked for Santander.

RSM Tenon Financial Management said Speck’s “wealth of experience” will support its goal to raise assets in its discretionary proposition to £0.5bn by the end of the year.

 

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