Saturday, 23 July 2016
Last updated 11 hours ago
Oct 26 2011 | 8:33am ET
F&C Asset Management announced it would triple its cost cuts as it seeks to escape from a huge debt burden, stemming in part from its acquisition last year of hedge fund Thames River Capital.
It is unclear whether any of the job cuts will affect Thames River; the £33.2 million in cost cuts are expected to fall most heavily on its back-office, with only limited cuts to investment staff.
But new executive chairman Edward Bramson said he would review Thames River and its other "growth strategies" during the first half of next year.