The DMC, which opened offices in Madrid and Edinburgh in 2014, recently revealed that it is winding down its European operations and shifting from a consolidated format to a strategic alliance business model.
The company confirmed to C&IT that there were "a small number of redundancies" but that most of the staff have transitioned to these new strategic alliances and will continue to work in partnership with AlliedPRA.
AlliedPRA is currently working through the negotiations with European staff and expects to reveal the strategic alliances shortly.
"The most important thing to remember is this did not negatively impact our clients," the company said. "We transitioned all programmes, many of which our managing directors are completing over the next several weeks, and we offered to refund all deposits during the transition, should the client choose."
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