Columbia Threadneedle plans to put off many of the portfolio managers and analysts on three fairness funding groups in the US because the agency seeks to chop prices. The asset supervisor confirmed that 14 portfolio managers will exit the agency at yr’s finish.
“The asset administration business is experiencing important change and we’re taking motion to handle our enterprise thoughtfully, with a give attention to prudent expense administration and operational effectivity,” a agency spokesman informed ThinkAdvisor by electronic mail Friday, confirming a narrative that appeared on Citywire on Thursday.
“We now have made a strategic choice to streamline our funding assets in areas the place we’ve duplication and the place we consider making portfolio administration adjustments can also be in the very best curiosity of our purchasers.”
The agency, which is a part of Ameriprise Monetary, is making personnel adjustments to a few U.S.-based fairness funding groups: Acorn Worldwide, Built-in Fairness and Small Cap Worth II.