3i restructure gathers pace as firm trims overseas office staff

 
Michael Bow
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LISTED alternative investor 3i, which invests in businesses and infrastructure, yesterday said it remained on track to restructure the firm after cutting 104 staff and shifting its focus onto its debt management business.

The company, which invests in private equity infrastructure and debt funds, said it wanted to reduce staff numbers by a third by March 2013.

Most of the job losses have come from its offices in Europe and Asia. An office in Birmingham is due to be sold at the end of January.

The firm also said it would grow its debt management business organically, but did not rule out future bolt-on acquisitions.

“We’re taking out hierarchies. In the past the firm has had a bit of a bureaucratic culture,” chief executive Simon Borrows said. “We’re making very good progress. We’re reducing debt and the quieter markets are helpful.”

Pay packets at the firm, which are around 60 per cent of total non-operating costs, are also under review. Plans will be put to shareholders this month to make sure pay reflects the firm’s success.