MONEY MANAGEMENT

Guggenheim cuts 22 jobs within manager’s U.S. institutional distribution team, source says

Guggenheim Partners eliminated 22 jobs within the U.S. institutional distribution team of its asset management business, Guggenheim Investments, confirmed someone familiar with the matter.

Most of the positions were marketing or administrative roles, while six were responsible for client interaction.

The asset management business still has 10 client servicing professionals. There were no cuts in reporting, operations or research.

The reduction represents 2% of Guggenheim Investments' 1,100-person asset management business.

The elimination of jobs was overseen by the firm's newly promoted global head of institutional distribution, Alexandra Court, who was previously head of European relationship management and distribution. The layoffs were done in part to align the U.S. business to how Guggenheim Investments' European business was run.

Ms. Court was not immediately available for comment.