Dozens of redundancies are looming at Invesco UK, the fund manager, following a decision to combine its London and Henley investment teams.

The transfer of Invesco's UK, European and international equity desks is part of a concentrated effort by its parent company, the Anglo-American fund giant Amvescap, to cut its costs. The three teams will be merged into the company's existing Henley-based desks. Investment staff at Atlantic Wealth Management and Invesco's global fixed income team will remain in London.