MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, February 18, 2009 An Outsourcer Cuts Staff SEI Investments is trimming its global workforce part of efforts to cut expenses by 5 to 10 percent, according to an SEC filing on Wednesday morning. Company officials did not say how many jobs they are cutting. It was not immediately clear how the reduction would impact SEI's mutual fund outsourcing operations. An SEI spokeswoman declined to comment beyond the filing. Employees affected by the cuts were notified yesterday, a source familiar with the situation told The MFWire. The filing came three weeks after SEI reported an 82 percent drop in fourth quarter net income, to $9.64 million. The firm's results were hurt by a $64.3 million pre-tax charge for SIV issues involving SEI-sponsored money market funds. Besides cutting staff, the Oaks, Pennsylvania-headquartered firm is eliminating "non-strategic activities," and making "process improvements," according to the filing. As of January 31 of last year, SEI had 2,250 full-time employees and 80 part-time workers, according to the company's most recent 10-K filing, made in February 2008. SEI has offices in more than a dozen countries. Printed from: MFWire.com/story.asp?s=20787 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |