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Rating:A Fund Firm Swings the Job Ax Anew Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, March 24, 2009

A Fund Firm Swings the Job Ax Anew

by: Armie Margaret Lee

Legg Mason has slashed 20 jobs and in a separate move, Legg Mason subsidiary Western Asset Management laid off around 100 workers, or about 10 percent of its staff, Legg Mason spokeswoman Mary Athridge confirmed to The MFWire.

The cuts come in the wake of layoffs Legg Mason implemented last December that affected 200 people, or 8 percent of its workforce. (see The MFWire, 12/05/08).

The new round of layoffs at Legg Mason impacted 12 workers in its Baltimore headquarters and eight in New York. The reduction occurred in the mutual fund administration department.

"We continue to examine all areas of our business to align our operating costs with the realities of the marketplace and to identify appropriate cost savings," Athridge said an e-mailed statement.

"While we do not anticipate across-the-board reductions in force, we are looking at each part of our operations strategically and will make changes consistent with our business requirements," she added.

As for Wamco, the cuts affected mainly operations and administrative staff.

Pasadena, California-based Wamco "has made the difficult decision to right-size its staff to reflect its business needs, like other industry players," Athridge said.

"This will not have an effect on our ability to manage money and serve our clients," Athridge added.

She also said that Wamco has hired three credit analysts. Ivor Shucking joined in Pasadena, Dipankar Shewaram joined in London, and another analyst is set to join the New York office later this spring.  

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