Turner Investment Partners laid off 22 distribution and client-service professionals.
Turner Investment Partners has reduced its staff by approximately 15%, as part of a larger reorganization of its sales and marketing division, a spokesman for the growth equity manager said in a statement. No investment or compliance professionals are affected.
The layoffs come less than a week after the company delayed its planned IPO by withdrawing its registration statement with the SEC.
Turner becomes the latest money manager to announce planned or implemented layoffs as plunging equity markets have depressed their margins. In earnings announcements Thursday, Janus Capital Group announced that 9% of staff, all non-investment employees, would be cut, and AllianceBernstein Chairman and CEO Lewis Sanders said layoffs at his firm during the current quarter were inevitable.