Columbia Threadneedle plans to lay off most of the portfolio managers and analysts on three equity investment teams in the United States as the firm seeks to cut costs. The asset manager confirmed that 14 portfolio managers will exit the firm at year's end.
"The asset management industry is experiencing significant change and we are taking action to manage our business thoughtfully, with a focus on prudent expense management and operational efficiency," a firm spokesman told ThinkAdvisor by email Friday, confirming a story that appeared on Citywire on Thursday.
"We have made a strategic decision to streamline our investment resources in areas where we have duplication and where we believe making portfolio management changes is also in the best interest of our clients."
The firm, which is part of Ameriprise Financial, is making personnel changes to three U.S.-based equity investment teams: Acorn International, Integrated Equity and Small Cap Value II.
