K2 Asset Management has denied industry rumours of sacking its entire sales team.
K2 Asset Management (K2) has confirmed making a number of cuts to its team.
"We lost three people. But it's just prudent. We certainly haven't sacked the whole marketing department. There is still a team of four in the marketing department," K2 Asset Management head of distribution Andrew Hall said.
The cuts included an assistant portfolio manager, a member of the sales team, and a third member of staff who was on probation, Hall said.
Downturn in the markets prompted the decision to make the staff cuts, he said.
However, despite having to let go three staff members, K2 continues to remain in a solid position.
The firm has recently added two new dealer groups, one of which is AG Private Advisory.
"Things are going pretty well.AG Private Advisory put us on their APL (approved product list)," he said.
K2 is an Australian-based fund manager specialising in absolute return funds. Established in 1999, its funds are available to both retail and wholesale investors.
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