Wellington Management has offered a voluntary separation program to a select number of long-tenured employees, and less than 3% of the firm’s roughly 3,000-strong workforce have accepted, a spokeswoman for the Boston-based money manager confirmed.
The move followed a previous modest head-count reduction in May 2023, when Wellington announced it had eliminated “just over 5%” of its workforce in pursuit of operational efficiencies.
The latest voluntary program was offered to a “small percentage of the firm across our business areas and global locations,” and the number of employees accepting that offer was within Wellington’s expectations, the spokeswoman said.
Wellington said in a statement that the firm remains focused on delivering outstanding investment results and service to its clients and their beneficiaries over the long term.
Wellington managed $1.25 trillion in client assets as of June 30.
