arket-related cuts to the One Group Mutual Funds
staff haven't occurred, but the hiring of wholesalers and marketing support staff is being halted, according to Mark Beeson
, president of One Group.
"We've had to come up with initiatives to save X number of dollars," said Beeson, "and that means things like product launches, technology enhancements, and hirings are being postponed." Beeson declined to specify what "X" stood in for.
The Columbus, Ohio-based fund family has been adding wholesalers and marketing support staff over the last year.
"It's [shocking] when you have the same number of shareholders, but 20% less money to work with" said Beeson, speculating on the cuts other financial services firms have had to make. The Banc One
-advised funds lost approximately $720 million between March 2000 and January 2001, dropping from $34 billion to $33.3 billion in assets under management.
Stay ahead of the news ... Sign up for our email alerts now