Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Beantown Manager Trims Workforce Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, September 13, 2002

Beantown Manager Trims Workforce

by: Ki Kim

Boston-based Loomis, Sayles & Co. is reducing its workforce by 28, or 5 percent, to cut costs, while hiring a new bond chief investment officer to help boost returns.

The unit of France-based CDC IXIS Asset Management has extended early retirement packages to 38 workers, including six investment managers--four fixed-income and two equity managers, amid a dismal market environment.

The bulk of the balance leaving the company held support and back-office functions throughout the firm, a company spokesperson said. Those accepting the offer are to leave at year-end.

"The biggest element of this is, you want to treat people fairly," said Kevin Charleston, chief financial officer. "I think people know what kind of an environment we're in. People expect us, as good business managers, to make these decisions."

Though the firm opted to avoid laying employees off with the early retirement initiative, it has not ruled out doing so going forward.

In the meantime, Loomis has hired Jae Park, 47, as its new fixed-income chief investment manager to manage over $52 billion. At IBM, Park oversaw $22 billion in fixed-income and cash investments for the company's retirement fund. The Boston firm serves as one of Big Blue's outside bond managers.

Park is taking over some duties of Loomis vice chairman Dan Fuss, 68, who had overseen the firm's total return, or more opportunistic, fixed-income strategy. Park has been tapped to focus on both the core and total return bond management capabilities, the spokesperson said. Decisions on new hires in the bond management area are to be made by Park. Some 80 percent of the firm's client assets are in fixed-income.

Though bonds have generally been performing better than stocks of late, Loomis has lost 10 percent of its total assets from its 1999 peak in the past year. As stocks fell, large pension clients reduced bond holdings to maintain asset allocations, according to company executives.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use