Scottish Widows Investment Partnership has told five of its 14-strong investment sales team to reapply for their positions as part of a restructure.

The firm last week announced it would be cutting 23 out of 38 roles in its equity investment team as part of a move to ‘lower-risk’ investment strategies.

Five members of the investment sales team who work with discretionaries and intermediaries are to reapply for their jobs as part of the firm’s decision to change a number of roles. There is also one vacancy in the team which will be operating under the new role profile.

A spokeswoman for Swip says: “We can clarify that the change in role profile for the ISDs is broadly around ensuring the current structure, which sees a more siloed approach, changes to one where the team has a holistic client view covering IFAs, discretionary advisers and platforms.”

She adds: “There is no reduction in the team size and the existing vacancy will also be filled. No other roles in Swip’s wholesale sales team are impacted.”