Katherine Garrett-Cox

The decision to close its active funds business from the Bahrain-headquartered firm follows a strategic review carried out by the bank earlier in the year.

Gulf International Bank UK originally planned to pivot it as a distribution business under its chief executive Katherine Garrett-Cox, focussing on investment opportunities for UK investors within the Gulf Cooperation Council (GCC).

Citywire reports the firm has now chosen to abandon that plan and shut down the business, with around 15 employees across its distribution, marketing and operations functions being made redundant. Garret-Cox is not believed to be among the people impacted by the cut.

GIB UK will continue to provide banking and treasury services to its clients.

It said in a statement: “GIB UK has decided not to continue with its planned asset management distribution model in the UK. The decision follows a review by the board of where the business should focus its resources.

“We recognise this is difficult news for the colleagues affected, and we are supporting them through a consultation process,’ GIB UK said. ‘At this time, no decisions have been made on those roles potentially impacted.”