Sixteen jobs go at Investec Trust Group in Jersey
Sixteen people have lost their jobs at the finance firm Investec Trust in Jersey.
Xavier Isaac, chief executive officer of the Investec Trust Group, said it was because the firm had shifted the focus of its work.
The changes at Investec Trust do not affect Investec Bank in Jersey, which will continue to operate as normal.
Mr Isaac said: "Investec remains fully committed to its trust business."
He added: "This decision is the result of much consideration and reflects a consistent strategy adopted across the group."
"We have gradually shifted our focus from providing traditional company and trust administration services to delivering more complex, value added and highly personalised fiduciary services to a select client base of high net worth individuals."