Fund of hedge funds shop Financial Risk Management will eliminate six jobs at its office on the Channel Island of Guernsey, according to a published report.

FRM will make the layoffs over the next six months, the Guernsey Press reports. “As the hedge fund industry is likely to be smaller in the near term, FRM has made some positions redundant or at risk of redundancy,” John Renouf of FRM Investment Management told the newspaper. “In Guernsey, we anticipate that six people may be affected and they would be leaving over the next six months.”

Still, Renouf said that FRM’s Guernsey operation “remains an important office for us.” The firm has seven offices around the world.