Cutbacks continue at fund firms as the end of the worst year in recent memory for the industry draws near. Today, the announcement came from socially-responsible specialist Citizens Advisors.

The Portsmouth, New Hampshire-based fund complex said that it eliminating 15 positions in response to the prolonged market downturn. The cuts will come from across the firm and will impact primarily non-investment related areas, confirmed a spokesperson.

"Like many in the mutual fund industry, we've had to take a hard look at expenses and determine how best to support our business relationships during this tough market environment," said John L. Shields, president and CEO of Citizens Advisers. "After trimming discretionary costs, we felt it prudent to adjust staffing to meet current business demands. This was a difficult decision for us, but one that positions us correctly in the current environment while allowing us to be responsive to improving market conditions."

The statement released by the firm said its executives do not anticipate the need for additional cuts.  

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