Batterymarch Financial Management, a quantitative equity subsidiary of Legg Mason, laid off two portfolio managers among 12 employees that were let go to “right-size” its business amid the broader market decline, said spokeswoman Gina Solomon.
The staff reduction, about 10% of its employees, leaves 15 portfolio managers remaining among the firm’s 95 employees, she said.
Even amid the cutbacks, Batterymarch continues to invest in promising areas, said Ms. Solomon, citing the hiring in late February of Nathalie Wallace as a portfolio manager for the firm’s global emerging markets strategy, a new position. Ms. Wallace had been a portfolio manager with Delta Partners, she said. A spokeswoman for Delta said Ms. Wallace won’t be replaced.
Batterymarch had $16.6 billion in client assets as of Dec. 31, down 44% from $29.8 billion at the end of 2007.
