Edinburgh Fund Managers has laid off four fund managers and 18 other employees, totalling 10% of its workforce, as the final measure in its bid to cut costs in the wake of falling assets under management.

Iain Watt, chief executive of Scotland-based Edinburgh Fund Managers, said the job cuts would be effected through redundancies and natural wastage. In addition to the four fund managers, four other people in the 64-strong fund management division, with secretarial or client liaison responsibilities, have lost their jobs.