Wellington Lays Off Dozens of Employees With Voluntary Job Cuts

Dozens of Wellington Management employees are leaving as part of voluntary job cuts at the Boston-based asset manager.

The firm offered “some long-tenured employees” a chance to leave with severance, and less than 3% of the firm’s 3,000 employees agreed to take it, spokesperson Robyn Tice said Wednesday in a statement.

In recent years, active fund managers have been battling outflows and squeezed margins as investors have fled for cheaper passive alternatives. Several firms including those that distribute such passive funds, such as BlackRock Inc. and Fidelity Investments, have trimmed headcount over the past year.

Wellington manages more than $1.1 trillion, mainly from institutional investors such as pensions and endowments. The firm had expanded in recent years, including by opening offices in New York and Needham, Massachusetts in 2023, which together employ more than 300 people.