Month-to-month magazines Cash Observer and Moneywise will shut subsequent month after 40 and 29 years in print respectively.
Father or mother firm Interactive Investor mentioned it had carried out a assessment of the private finance magazines and determined they didn’t match into its general technique as an funding platform.
Employees have been advised on a quick video name with Interactive Investor chief government Richard Wilson that the August points will probably be their final.
A spokesperson for the corporate mentioned: “We’re simplifying our construction and working mannequin to give attention to our core enterprise because the UK’s second largest retail funding platform.
“As a part of this goal, we now have carried out an in-depth assessment of our journal manufacturers and promoting gross sales channels.
“Following the assessment, we now have determined to shut the magazines and their web sites and to stop promoting all promoting house throughout all Interactive Investor manufacturers and channels.
“This can lead to an easier working mannequin, centered purely on the interactive investor model, permitting us to restructure our workforce to supply content material for II prospects and II audiences.”
A member of workers on the magazines advised Press Gazette the decision with Wilson lasted simply minutes with no alternative for workers to talk.
“The decision was fairly curt and there was no apology or actual clarification,” they mentioned.
“Employees are very upset, and a few have labored on the titles for 20 years.
“The rationale given was that that there had been a assessment, and the titles didn’t match properly with II’s technique. This features a flotation and it’s doubtless they’ve determined we’re superfluous to that.
“They’re making no effort to promote us, although did give it some thought a few years in the past.”
Moira O’Neill, the agency’s head of non-public finance who used to edit Moneywise, wrote to the corporate’s freelance journalists to inform them the information.
She wrote: “This can be a resolution that we now have not taken calmly. Adjustments that influence our persons are by no means simple and solely ever proposed after deep consideration.”
O’Neill mentioned there would nonetheless be a spot for freelance editorial commissions on II’s personal web site, which is able to see its in-house workforce of journalists expanded.
“This can embody content material to assist these in the beginning of their investing journeys, traders who’re actively managing a portfolio of funds, funding trusts and passive investments, and traders who handle portfolios of UK and worldwide shares,” O’Neill mentioned.
“We will even proceed to cowl pensions and financial savings, together with SIPPs and ISAs.”
Though the Moneywise and Cash Observer will shut on-line, their “hottest” content material will probably be moved to the Interactive Investor web site.
Cash Observer, which launched in 1979, has a workforce of about 4 workers journalists based on its web site, with a roster of standard specialist writers.
Moneywise, which launched in 1990, has an editorial workforce of about seven.
Interactive Investor made £90.2m in income in 2019, up 24% on the yr earlier than. Pre-tax earnings grew by 35% to £23.2m.
Regardless of the beginning of the Covid-19 pandemic, web income for the primary three months of 2020 grew by 61% to £31.1m.
Cash Observer had a mean circulation of 12,125 in 2019 following a 27% year-on-year drop, based on the most recent accessible ABC figures.
Moneywise’s month-to-month circulation in the identical interval was 8,706 after a decline of 15%.