ACE Limited has closed down its Strategic Initiatives unit, a Bermuda-based division that advised the company?s operating units on strategic planning, resulting in one employee redundancy.

The division was formed several years ago, and was headed by former chief financial officer Chris Marshall who quit the top financial post in 2002 to lead any merger and acquisition activity ACE undertook, and other corporate initiatives.Spokeswoman Amy Shillingford said while the unit was phased out effective yesterday, three of the unit?s four staff had been offered alternate employment with ACE.

ACE said it closed the division because it was felt operating units should be developing strategic priorities and initiatives on their own, not being advised on direction by another unit.

?Ownership will result in better execution of those strategies,? the company said.

Mr. Marshall, who was the first employee to join ACE when it was formed 20 years ago, continues to work with ACE as a consultant, Ms Shillingford said.