After seemingly going into hibernation post its acquisition by Pearl, Glasgow-based Resolution has suddenly sprung into life. This is good news for its asset management function, but the back office is on the receiving end of some big job cuts.

Pearl is expected to lay off around 250 people in its Glasgow insurance office. There will be a total of 500 redundancies in this department across the UK.

Meanwhile, it’s expanding its asset management offering. Resolution Asset Management (RAM) and Pearl’s Axial Asset Management are set to run their combined £75bn fund management operation under the new Ignis Asset Management (IAM) brand.

The umbrella brand will be managed by Gavin Stewart, based in Glasgow. It will be bolstering its portfolio management desks with the re-launch and intends to use the increased investments to create new products and launch joint-venture boutiques.

Jonathan Polin, sales and marketing director at RAM, says it is looking to extend its focus on occupational pension funds and push beyond its current UK presence.

Richard Fletcher, head of Edinburgh-based search firm Fletcher Jones, says he’s not surprised to hear of the firm’s expansion as he’s seen around 50% more asset management hiring in Scotland this year than last.

Nicolas Furse, financial services consultant at Odgers Ray & Berndtson in Glasgow, adds: “Institutional asset managers in Scotland are in a relatively strong position at this moment in time.”