Boston Co. Asset Management laid off 89 of its 305 employees in response to unprecedented market declines, according to a company statement.
The layoffs include 24 portfolio managers and analysts, 16 of whom comprised the firms two Denver-based investment teams managing U.S. large-cap and microcap growth equity strategies. The responsibilities of those teams have been transferred to the firms main office in Boston.
Of the 12 portfolio managers and analysts on the companys New York-based U.S. large-cap disciplined growth equity strategy, eight were let go and four are being transferred to Boston.
The layoffs follow a 47% plunge in assets under management during 2008, the statement said.