is eliminating up to 430 jobs from its fund unit. The cuts are expected to come from the firm's operations area, according to a report in the Boston Herald. The cuts come after 50 jobs in the fund unit were eliminated in the fourth quarter.
The cuts were expected as Fleet integrates the numerous fund groups it acquired through its purchased of Liberty Financial. Prior to the acquisition, Liberty executives had told the MutualFundWire.com that streamlining operations was a priority at the firm.
Fleet is consolidating its fund groups under the Columbia Management banner. Columbia Funds had been a less known and regionally focused unit of Fleet, but it also boasts a strong performance track record.
The paper reported that most of the cuts would come through attrition. The 430 positions represent about one fifth of the units 2,300 employees. Also likely to be trimmed is the roster of Columbia, which now numbers 105.
Last year the firm tapped Robert Birnbaum from Credit Suisse to head its institutional distribution.
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