CAY.L Share News (CAY)

(Sharecast News) - Wealth manager Charles Stanley has announced plans to cut senior management roles as it looks to streamline the business.The company said on Thursday that it will be launching a "significant transformation project" to improve general efficiency and create greater agility to innovate.As part of the plans, it will restructure management, putting three roles at risk: the head of investment management, managing director of Charles Stanley Direct and head of asset management. Charles Stanley said it has entered a formal consultation process with those affected and will look to redeploy them to other roles, where possible."The creation of a seamless internal structure will facilitate working across teams and reflect our single customer view," it said.The transformation project accelerates existing projects aimed at improving IT, customer service and back and middle office performance.It will include the creation of a single back and middle office. As a result of a legacy of different business lines and organisational structures, the group currently operates many different systems and approaches across the back and middle office."A single approach will deliver the scale and efficiency to support a single customer view and omni-channel approach, enabling the it to deliver a better service to its clients," it said.The project will also involve the simplification and standardisation of processes to deliver more effective and streamlined processes for its 400 investment professionals, enabling them to better meet clients' needs and expectations.At 1105 BST, the shares were up 5% at 288.79p.