UK-based Bluefin Advisory Services, part of the AXA-owned Bluefin Group, is restructuring its private client business in readiness for the regulator-led Retail Distribution Review.

This follows a strategic review already under way led by Suvan de Soysa, who joined the company as managing director, private clients, in July 2009.

The aim of the review is to focus the business on a fee-based model across all private client services, the firm said in a statement. This is already in place in Bluefin Wealth Management, which has a consultancy-driven framework for private client engagement.

Mr de Soysa has announced a new senior management team, in which Julie Lord and Mike Godfrey will lead two regional teams supported by a central team which includes Ian Shipway and Patrick Murphy. Gregg Taylor and Neil Harkin are leaving the company.

John Simmonds, chief executive of Bluefin Advisory Services, said: “Just as the regulatory climate is set to change significantly with RDR, the market has been transformed over the last eighteen months and I believe that the changes we have made and the review we are conducting will stand us in excellent stead, providing a basis for growth in the lead up to RDR and beyond.”

Bluefin Advisory Services filed a £41.5 million ($67 million) loss for 2008 last week, mostly related to acquisitions during the year, according to Money Marketing.