It comes a month after the Financial Services Authority issued a fresh warning to investors in Tiuta's funder, Connaught income fund series 1 and 2, after it failed to pay the scheduled quarterly interest payment on 13th April 2012.
A statement from Tiuta said:"Tiuta continues to restructure to make efficiencies throughout its processes and this has involved outsourcing some of its functions and streamlining others.
"This is a strategic planned exercise and is just part of an overall strategy to ensure that Tiuta remains one of the market leaders in bridging.
"As a result of this reshuffle, one member of the legal team and one member of the underwriting team have been made redundant."
Connaught Asset Management suspended its Income Fund Series 2 and commissioned an independent review into the future of this fund and Income Fund Series 1 in April this year after suspending Series 1 earlier in the year.
Connaught said at the time the report would be completed “very shortly” and that the decision to temporarily suspend Income Fund Series 2 was “to avoid any speculation and uncertainty".
