Beginning in February, the Alberta Securities Commission will centralize operations in its Calgary office and close its Edmonton office. The reorganization will result in an estimated savings of $600,000 per year, says the ASC.

All senior management positions are already located in Calgary. Centralizing operations, says the ASC, will allow for more effective management control, increased efficiencies and reduced costs.

The ASC currently has about 115 employees. Nearly half of the affected Edmonton staff members have been offered positions in Calgary. Five other positions, which already exist in Calgary, have been eliminated. Those employees not relocating to the Calgary office have been offered full compensation packages.

Over 80% of Alberta’s reporting issuers are headquartered in Calgary and surrounding area, says the ASC. The Investment Dealers Association, the Mutual Fund Dealers Association and the TSX Venture Exchange all have offices in Calgary, and ASC staff interact frequently with each of these organizations.