Woodford Investment Management has seen two senior departures in recent weeks including Saku Saha, fund manager, and William Deer, head of institutional sales, according to reports.
Head of institutional sales Will Deer has been made redundant after the ensuing loss of key mandates with wealth manager St James's Place, financial adviser network Openwork and the Abu Dhabi Investment Authority.
As head of sales, he was responsible for maintaining the relationship with the Kent county council pension scheme, which triggered the Woodford Equity Income fund's suspension on 3 June when it tried to redeem its £238m investment.
We have reluctantly entered into redundancy consultations with a number of staff to advise them that their roles are at risk"
The Financial Times reported Saha, considered to be Neil Woodford's 'right-hand man' has left the firm after working with the manager for over a decade.
This leaves brothers Stephen and Paul Lamacraft as Woodford's remaining senior analysts.
Commenting on the potential job cuts last week, a Woodford IM spokesperson said: "We have reluctantly entered into redundancy consultations with a number of staff to advise them that their roles are at risk."
The firm, which employs approximately 45 staff, announced to staff the Woodford Equity Income fund will maintain its suspension on 1 July.
Expected redundancies at Woodford IM, which is still raking in around £60,000 per day in fees from the gated fund, were originally understood to affect a small number of support staff. The company is remodelling its business to serve a significantly shrunken client base.