Staff will be offered jobs elsewhere in the group

Investec Asset Management is to shed 25 staff in six months' time.

The business is to transfer most of its office administration to South Africa in a cost-cutting measure.

The announcement is the latest in a series of blows to Guernsey's finance industry.

The Investec Group currently employs 141 staff in Guernsey.

Similar losses

The group says restructuring will not hit the other divisions on the island - Investec Bank and the Trust Group.

Investec says both those divisions are still actively employing additional staff.

Those affected by the cuts within Asset Management are being offered alternatives to redundancy, including alternative roles within the group.

The news follows similar job losses in a number of local finance houses.

In September Coutts Offshore announced it was shifting its work to Jersey, Cayman and the Isle of Man.

In October Bank Sarasin announced it was moving its private banking services out of the island, with the loss of more than half the workforce.