Isle of Man investment management firm Thomas Miller has confirmed five staff are being made redundant.
The jobs are all administrative roles in the company's back office at Samuel Harris House in St George's Street, Douglas.
The redundancies leave just over half the 12-strong investment admin team in place and staff are being told today which roles are being shed.
Thomas Miller Isle of Man offers insurance and investment management services for mainly institutional clients and employs some 50 people in the Island.
The company has been here for 22 years and recently moved office. A spokesman for the company says they're "totally committed" to doing business in the Isle of Man.
He said outsourcing the investment administration work will give clients a better service and enable the firm to grow its business.