Pyramis Global Advisors has laid off some of its portfolio managers and analysts, confirmed company spokesman Jeff Cathie.
Although Mr. Cathie would not confirm how many positions were eliminated, he said “it was a small percentage of Pyramis' workforce.”
The layoffs were the result of the firm implementing a combined associate portfolio manager/analyst role. The company evaluated the responsibilities of its portfolio management and analyst teams and determined that there was some overlap in responsibilities and redundancies in efforts.
Mr. Cathie added that Pyramis' product lineup remains unchanged.