Self-managed superannuation fund service provider SuperConcepts confirmed that its expansion in Adelaide will be at the expense of an office located in Glen Waverly, Victoria.
Last week the AMP-owned business, in conjunction with the South Australian Government, announced it would be increasing its operations in South Australia after receiving a $1.6 million grant from the state's Economic Investment Fund.
The project is expected to create 52 new jobs and produce almost $80 million for the region; however it has also resulted in the termination of a number of roles at the Glen Waverly site.
"Following the expansion of our operations in Adelaide, we have made the decision to scale back the scope of our Glen Waverly site over the course of 2017. We appreciate this is a difficult time for employees," SuperConcepts chief executive Natasha Fenech confirmed.
Fenech said that impacted staff would be offered relocation packages to retain staff wherever possible.
"We are also seeking role opportunities within our broader operations for employees who are unable to relocate to South Australia," she said.
A spokesperson for SuperConcepts said operations currently being undertaken at the Glen Waverly site will be relocated to the Melbourne CBD office.