The head of marketing and business development with Warakirri Asset Management was among five employees across the business whose roles were recently cut.

As 2008 drew to a close, the lead sales role of Rick Le Deux and the positions of four other staff were made redundant, John Nolan, executive director of Warakirri, confirmed.

But Nolan would not be drawn on what the other positions were.

“The changes were made across the business, and were not related to any particular fund,” he said.

The redundancies were made after a punishing year for the vast majority of funds managers, Nolan said.