Investec Trust has announced it will close its Guernsey office. 60 of its staff will lose their jobs. (Picture by Steve Sarre, 0960509)

MORE than 60 people will lose their jobs following the decision to close the Guernsey office of Investec Trust.

The closure, announced yesterday by the company, follows a strategic review of the group’s requirements which found that it no longer required a dual presence in the Channel Islands to handle its trust work and that Investec Trust in Jersey, which employs 66 staff, was best positioned to fulfil the needs of clients and intermediaries.

Eleven members of staff left for good yesterday, while the rest will follow over the next 12 months during a phased closure of the local business.

The job losses at Investec Trust do not affect its local asset management operation or Investec Bank, which will both continue to operate as normal from its La Plaiderie offices.

• Read the full story in the Guernsey Press. See below for subscription details