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CONSULTANTS

Cambridge Associates lays off 3% of global staff

Cambridge Associates laid off nearly 50 employees last week, affecting roughly 3% of its 1,300-person global staff, confirmed a spokeswoman for the investment consultant.

“With the industry's growing demand for investment outsourcing services, we continue to add experienced CIOs, dedicated operational support and specialized resources in areas of growing investment interest such as private credit and real assets," the spokeswoman said in an email.

Layoffs were in areas that include investment staff, performance reporting and data collection.

She added: "To accommodate strategic growth in these priority areas, we reallocated a small percentage of redundant positions across the firm, impacting roughly 3% of our global headcount."

Cambridge Associates expects its headcount "to be flat or even modestly up in 2017 relative to 2016 levels," she said.

Cambridge Associates has about $142 billion in assets under advisement and $20.3 billion in assets under management.