Technical head Matt Esler was one of 10 Advance staff retrenched yesterday as part of the Asgard Wealth Management business restructuring that began in August.
St George Bank restructured its wealth management and retail financial services division in August appointing Geoff Lloyd as wealth management general manager to oversee private bank, insurance, investment solutions, Advance Asset Management and margin lending.
Advance's managing director Kate Mulligan left as a result of the shake up.
"When we announced the wealth management restructuring we indicated where we would look first is where we could save money.where roles were duplicated," Asgard Wealth Management head of distribution Wayne Wilson said yesterday.
Ten positions were found in 1000 from the wealth management business and the redundancies were announced yesterday.
Three other areas were also affected in the restructuring - product, marketing and distribution, Wilson said.
Wilson was appointed head of distribution for the wealth management business, Brian Ashenden as head of the new technical division, Bettina Pidcock as head of marketing and Dean Thomas as head of product.
It is likely that the restructuring will see a further two redundancies which will come from the merging of the marketing teams, Wilson said.
"I don't anticipate any other changes," he said.
