Financial Index Wealth Accountants (Findex) has cut 45 jobs at Centric Wealth – including one position in the general insurance division – following its takeover of the business.

Findex CEO Spiro Paule says the restructure has affected every department, but smaller divisions such as general insurance remain important.

“They do have a relevance across the expanded group,” he told insuranceNEWS.com.au.

“General insurance is a small part of the group, but the opportunities to cross-market are now enhanced to some degree.”

Findex agreed to buy Centric for $130 million after one of its major shareholders, Castle Harlan Australian Mezzanine Partners, put it up for sale.

Mr Paule says the two businesses are “highly complementary”.

“This restructure comes after an extensive business review, particularly of Centric’s operations and back-office roles,” he said.

Centric CEO Phil Kearns will continue in his role following the restructure.

“Phil and the management team are working to ensure there is no negative impact to the quality of adviser/client service as a result of these changes,” Mr Paule said.