InvestorForce today shut down its European sales and marketing operations in order to concentrate resources on its U.S. business, said Jim Morrissey, president and CEO. Peter Flynn, general manager-Europe, and Joan Docherty, sales and client services director, were laid off. InvestorForce launched its European manager database late last year and opened a London-based marketing operation in July 2000. The firm currently is assisting European clients with four searches, but they will not be affected by the closure, Mr. Flynn said.
"We are working with European plan sponsors, but we can do that from the U.S.,” said Mr. Morrissey. He said the firm’s balance sheet is "strong,” but market sentiment toward technology-related stocks meant the group needed to focus its resources.
He did not rule out the possibility of re-establishing a presence in Europe in the future.
