Wellington Management cut about 5% of its staff, becoming the latest money manager to pare headcount as the industry adjusts to volatile markets after a tough 2022.
(Bloomberg) — Wellington Management cut about 5% of its staff, becoming the latest money manager to pare headcount as the industry adjusts to volatile markets after a tough 2022.
The move followed a strategic business review of investment needs and ways to become more efficient, the Boston-based firm, which manages more than $1.1 trillion of client assets, said Thursday in an emailed statement. The cuts are across different roles and locations at the firm, which has about 3,400 employees globally.
“These changes will help us maintain the strength and stability our clients rely on, innovate and evolve our capabilities, and attract, retain and develop the best talent in the industry,” the firm said.
BlackRock Inc., the world’s biggest asset manager, said at the beginning of the year that it would cut about 2.5% of its workforce after sharp market declines in 2022.
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