Eclectica AM Slams Report That It Is Slashing Staff, Bleeding Assets

Josh O'Neill

14 February 2017

Following a media report that has “cut its staff in half as it continues to suffer outflows”, a spokesperson told WealthBriefing the article is “wholly out of date” and the firm's headcount remained unchanged from September 2014.

Citywire's Wealth Manager news service reported on 13 February that “Hugh Hendry's Eclectica Asset Management has cut its staff headcount in half as it continues to suffer outflows”.

The report continued: “According to the firm’s accounts, the 13-strong staff was cut to six, with two junior members from the investment team, four from administration, and one from the marketing team leaving. This slashes staff costs by 59 per cent down to £562,000 ($702,579).”

Eclectica Asset Management “has been bleeding assets since 2013 when it had more than $1 billion before having its most dramatic fall over 2014,” Wealth Manager's report stated.

However, according to the spokesperson for the London-based firm, the information cited in the article was outdated and inaccurate.

“I can confirm that the to a period during the summer of 2014,” the spokesperson said. “The current headcount at the firm is 10, unchanged from September 2014."

The spokesperson added: “Eclectica Asset Management is neither bleeding assets nor slashing staff."

WealthBriefing is awaiting further up-to-date statistics on the firm and will update coverage accordingly.