is trimming its global workforce part of efforts to cut expenses by
5 to 10 percent, according to an
on Wednesday morning. Company officials did not say how many jobs they are cutting. It was not immediately clear how the reduction would impact SEI's mutual fund outsourcing operations.
An SEI spokeswoman declined to comment beyond the filing.
Employees affected by the cuts were notified yesterday, a source familiar with the situation told The MFWire
The filing came three weeks after SEI reported an 82 percent drop in fourth quarter net income, to $9.64 million. The firm's results were hurt by a $64.3 million pre-tax charge for SIV issues involving SEI-sponsored money market funds.
Besides cutting staff, the Oaks, Pennsylvania-headquartered firm is eliminating "non-strategic activities," and making "process
improvements," according to the filing.
As of January 31 of last year, SEI had 2,250 full-time employees and 80 part-time workers, according to the company's most recent
, made in February 2008.
SEI has offices in more than a dozen countries.
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