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Friday, November 21, 2008

Will Capital Group's Cuts Cross the Atlantic?

by: Neil Anderson, Managing Editor

Yet another fund giant is tightening its belt in light of the decline in the stock market. In an overview piece on fund industry layoffs (also citing cuts at BlackRock, Fidelity and Putnam), Wenli Tan reports in Morningstar's Fund Times that American Funds parent Capital Group already slashed 60 jobs in the global institutional group in London and Geneva. Tan warns that Cap Group "will continue to reduce its staff in coming weeks."

A spokesman for the Los Angeles-based fund firm could not immediately be reached for comment on whether US-based mutual fund staff, such as portfolio managers and sales specialists, will be affected. 

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