Australia’s largest multimanager, MLC, has spared its investment management and implemented consulting teams from absorbing any of the 120 position cuts it announced late last night.

A company spokesperson said MLC had "undertaken a review of its resourcing requirements in light of the market downturn and has decided to remove some roles from the business to ensure we are operating as efficiently as possible".

About 120 roles will be affected, a relatively small downsizing given MLC’s total headcount is understood to be around 3000.

" We will aim to redeploy as many of these people as possible into other roles within the organisation. The role impacts are broadly spread across all areas of our business," the spokesperson said.

However the spokesperson said no investment professionals had been affected, while adviser-facing positions are understood to be among those impacted.

"We are currently consulting with employees over the proposed changes, with final role impacts to be determined in early February," the spokesperson added.