Market index provider MSCI is making 15 staff redundant as part of its campaign to cut costs at the London-headquartered EMEA operation which it inherited when it took over IPD in 2012.

Market index provider MSCI is making 15 staff redundant as part of its campaign to cut costs at the London-headquartered EMEA operation which it inherited when it took over IPD in 2012.

A spokesperson for MSCI confirmed that Phil Tily, executive director & head of IPD UK & Ireland, is one of 15 employees 'on notice of redundancy'. Another 14, mainly support staff, are also on notice.

Managing director Laurent Ternisien is voluntarily stepping down at the end of August, the spokesperson said.

The news follows the departure last year of German country head Daniel Piazolo and Benelux country head Arnout Vlak. Other country and regional heads who have stepped down in the past year include Nassos Manginas, head of IPD CEE; Toshiro Nishioka, head of IPD Japan; and Kevin Swaddle, head of IPD Asia. Julian Self, head of IPD IT and Alasdair Evans, head of IPD Finance, have also left the company.

The latest job cuts are part of an 'ongoing' restructuring aimed at improving efficiency and streamlining the organisation following MSCI's takeover of IPD Group in 2012, the spokesperson said.

MSCI provides indices and benchmarks for all asset classes including private real estate.

According to sources, who asked to remain anonymous, the former IPD operations are currently loss-making. New York-listed MSCI acquired the group for $125 mln (€96 mln at the time) or a multiple of 23 times EBITDA (earnings before interest, tax, depreciation and amortisation). MSCI declined all comment.

Under the reorganisation, UK client coverage teams, led by Jill Compton and Malcolm Hunt, will report to Laurent Seyer, global head of Client Coverage at MSCI. In a comment, Seyer said: 'We are delighted to have Jill Compton transition to head of UK Sales, and Malcolm Hunt to head of EMEA Client Services. They hold an enormous amount of industry knowledge and experience and will provide exemplary leadership in providing value to our clients.'

Baer Pettit, Global head of MSCI’s Product Group, will take over the management of the real estate product from Ternisien. In a comment, Pettit thanked Ternisien for 'his many contributions to the development of IPD and his continued leadership throughout the integration to MSCI over the past three years.'

Meanwhile Seyer extended thanks to Phil Tily 'for his invaluable contribution, including the development of services in Ireland, South Africa and Canada, culminating in the management of the UK business.'

Tily and Ternisien had been at the business for 23 and 15 years respectively.

IPD is a leading provider of real estate investment performance benchmarking, performance analysis, market indices, risk management tools and market research to the owners, institutional investors, managers, lenders on, and occupiers of, real estate.

At the time of the acquisition, MSCI said it expected its global footprint, strong relationships with institutional investors, technological and operational expertise to enhance IPD’s existing products and services.