Australian Ethical, the ASX-listed fund management firm, announced 10 more redundancies at its Canberra office as part of efforts to consolidate its business in Sydney.

In an interview with InvestorDaily, the firm said that while layoffs were made at the Canberra arm, Australian Ethical will still keep a small team to operate. At present, the company has 35 full-time staff. This will eventually be reduced to 28. 

So far in the 2012/2013 financial year, the firm has reportedly managed to reduce its payroll costs by 1.09 per cent. Australian Ethical opened a new office in Sydney in February 2013.

This is the second time the firm has laid off employees to focus on its Sydney growth. The first one happened in the 2011/2012 FY where redundancy costs worth A$319,000 ($295 million) was realised.