Fintech Iress is to axe 10% of jobs globally in a major shake-up for the business which says the move will help increase efficiency. 

About 225 jobs will go.

The roles targeted for redundancy are not expected to impact on client service and delivery, the firm says.

Iress says it will restructure to drive growth and has added a new UK CEO role to support its leadership in the UK.

Simon New will take the CEO role from his current position as chief commercial officer.

The firm said the changes to its operating structure and senior leadership teams would give the UK business greater autonomy to drive growth and innovation and respond faster to local client demands.

Iress has recently committed to maintaining its presence in the UK, following recent media reports that suggested otherwise.

Mr New said: “Iress is a great business with a long history of innovation. The changes we are announcing today will help us realign ourselves and ensure we’re even more focused on the needs of our clients and the changing dynamics of the market. The increased autonomy we are creating here gives us the agility and resources to move quickly and create far better outcomes for our clients.”

Iress will be restructured along business lines, with each unit having access to dedicated technology teams as well as operational functions, and will be empowered to make client-led business decisions.

The company also plans to reinvest in its core software, while launching a new innovations division to expand capabilities in future growth areas.

Planned new developments include the development of next-generation advice technology to support the growing unmet global advice demand, the exploration of data and AI opportunities and the continued expansion of Iress’ connectivity capabilities in wealth and trading.

Iress provides software to the financial services sector in a number of areas including trading and market data, financial advice, investment management, mortgages, superannuation, life & pensions and data intelligence. The firm has 2,250 staff worldwide and says its software is used by more than 10,000 businesses and 500,000 users globally.

Iress is known for Adviser Office but will cease support for the 30-year-old system in mid 2023. Instead it will focus on its cloud-based Xplan packages.