The layoffs include 24 portfolio managers and analysts, 16 of whom made up the firm’s two Denver-based investment teams managing U.S. large-cap and microcap growth equity strategies. The responsibilities of those teams have been transferred to the firm’s main office in Boston.
Of the 12 portfolio managers and analysts on the company’s New York-based U.S. large-cap disciplined growth equity strategy, eight were let go and four are being transferred to Boston.
Eight of the firm’s 11 investment teams weren’t affected by layoffs. Mike Dunn, a company spokesman, declined to provide the names of those displaced.
The company’s moves to “right-size” its operations followed a 47 percent plunge in assets under management during 2008, the statement said. While the 47 percent decrease is less relative to the 48 percent to 56 percent declines for the markets in which the company invests, it would still have slashed assets under management from the $53.3 billion that the domestic and international equity management subsidiary of BNY Mellon Asset Management was managing at the end of 2007, according to eVestment Alliance, to roughly $28.3 billion.
Dunn declined to confirm the $28.3 billion figure, citing the $36 billion in assets under management that the manager reported as of September 30 as the latest official number.
Douglas Appell, Pensions & Investments
—Crain's Benefits Outlook, January 2009
