Keith Wirtz is guiding Cincinnati-based Fifth Third Asset Management [profile] out of the mutual fund business, and along the way he's cutting staff.

Steve Watkins of the Cincinnati Business Courier reports that the bank-owned asset management shop will cut one-third of its 90 positions by the beginning of next year. In April Fifth Third unveiled a deal to sell all 16 of its mutual funds to Touchstone Investments [profile], with the closing slated for the third quarter.

At the time, Wirtz described the deal as a way for his unit to focus on "core strengths -- providing institutionally managed active asset management strategies." Wirtz serves as president of Fifth Third Asset Management.

According to the Business Courier, "Fifth Third notified the employees last week" about the layoffs. 

Edited by: Neil Anderson, Managing Editor


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