Baillie Gifford is set to make redundancies as it reshapes its workforce in response to evolving market conditions.

The Edinburgh-headquartered financial services firm confirmed that is consulting with less than 50 staff - all outwith the investment teams.

The restructuring is reportedly being driven by a global decline in defined benefit pension schemes - towards defined contribution arrangements - which requires a new approach to marketing services, with a focus on the intermediary market and individual savers.

A spokeswoman stated: “To stay resilient in a shifting client and business environment, we’re making strategic decisions that may result in some redundancies.

“We are currently consulting with a small number of colleagues whose roles are at risk.

“These are tough choices, but

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