The firm is looking at a smaller office near Liverpool Street, however contrary to media reports it has not entered into a contract to move into any new property nor to vacate its current premises, and the move is still in early stages, a spokesperson for the firm told WealthBriefing.

The move is to cut unnecessary costs and would be more practical for the firm, as the current office has “more space than we need and is more expensive than the benefit we get from it,” said the spokesperson, adding that, “like all firms we are keeping an eye on our costs.”

The move would be a one-off cost cut, not part of a wider restructuring or cost cutting plan; it is being undertaken because it makes sense, said the spokesperson: “In a highly priced office we are using half the space.”