Up to eight staff may be made redundant.

Marsh could make up to eight central staff redundant and hire regional replacements as it restructures its high net worth business.

The broker is refocusing its private client services division, based at its Letchworth office, to re-route the high net worth division through a number of its regional offices.

Marsh said the changes could lead to up to eight redundancies in Letchworth, three of which could come as a result of the disposal of its small scheme business for regalia.

The recruitment of six regional client managers would help to expand its private clients business in the UK, said a spokesman.

“Marsh is reorganising ... to place its client management expertise closer to its clients and business opportunities.”

The new client managers would look after existing clients and work on business development.

“These roles will be based in London, Birmingham, Letchworth, Manchester and Edinburgh and will provide a much increased regional focus that can support the growth of the business,” said the spokesman.

But the reorganisation will mean four client adviser positions and one sales position have to be reviewed.

Marsh’s small schemes business can be sold as it is no longer a key part of the business.

The spokesman added: “Discussions are ongoing about the disposal of this business but, as a result of this decision, three positions are under review with the possibility of redundancy.

“We hope to be able to identify, with affected colleagues, alternative opportunities within the relevant businesses.”