Atlantic Richfield Co., Los Angeles, cut 70% of its in-house investment management staff, and eliminated internal management of domestic equities and some international equities, confirmed Jeff Anderson, controller.
Mr. Anderson would not say how many people were let go, or whether they obtained other jobs within the company. One of those no longer with the company is Richard Steenken, who was director of domestic equities at ARCO Investment Management Co.
ARCO Investment Management lost about two-thirds of the assets it had been managing for the pension fund.
