Head of investment management Gary Teper, Charles Stanley Direct managing director Magnus Wheatley and head of asset management Christopher Aldous all risk losing their jobs in the review, which is due to reach a conclusion by 22 May – less than two weeks away.
Charles Stanley has entered a formal consultation process with the managers involved.
The review is part of a wider operational restructure of the group that brings back and middle office functions together.
A regulatory filing published on Thursday morning said legacy business lines meant the company was currently using many different systems and a single approach would allow it to deliver a better service to clients.
Additionally, the company has introduced streamlined processes for its 400 investment professionals.
Peel Hunt said in an analyst note that while not the complete answer to delivering 15% net margin, the steps outlined in the regulatory filing were a step in the right direction. Operating margin in 2018 was 7%.
Prior to the announcement, Peel Hunt estimated operating margin would drop to 6.2% this year and 6.1% next before rising to 8.9% in 2021.
It expected more details of the cost implications of the move to come through in the wealth manager’s results at the end of the month.