Pioneer Investments laid off 63 employees today, including an institutional marketer and a portfolio manager, said Tara Pescatore, spokeswoman. She would not disclose their names. Most of the layoffs were from Pioneer’s e-commerce area and included retail sales, marketing and shareholder services personnel.
CEO Daniel Geraci said the action is due to the recent market correction. "Despite a significant increase in sales, the depressed level of equity markets have put significant pressure on Pioneer’s revenues,” he said in a statement. Pioneer’s assets under management have dropped to $95 billion as of Oct. 31, down from $110 billion at the end of last year.