Wellington Management is eliminating 40 to 45 positions, or roughly 1.5% of the Boston-based firm’s 3,000-person workforce, according to an internal note from Jean Hynes, Wellington’s CEO, obtained by P&I.
The positions being trimmed span Wellington’s global operations, but do not involve portfolio managers or the firm’s investment platform.
Wellington, in a statement, said “the active management industry and our client’s needs continue to change meaningfully, and we are investing in our business and aligning our organization to meet these evolving needs.”
“As part of these efforts, we are eliminating a small number of roles (approximately 1.5% of our workforce), the statement said.
The latest reduction in Wellington’s work force is the third over the course of 18 months, following a voluntary separation program in September accepted by less than 3% of the firm’s workforce and a head-count reduction of just over 5% in May 2023 in pursuit of “operational efficiencies.”
The Wellington statement said “As always, our focus remains on ensuring that we are well positioned to deliver outstanding investment results and service to our clients and their beneficiaries over the long term.”