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Friday, October 24, 2008

Turner cuts staff, delays IPO as markets slow: P&I

   "Turner Investment Partners laid off 22 distribution and client-service professionals," cutting 15 percent of its staff as it reorganized sales and marketing, Pensions & Investments magazine's Web service says, in an item by reporter Douglas Appell, citing the Berwyn-based growth firm that's been battered by falling share prices.
  "The layoffs come less than a week after the company delayed its planned IPO by withdrawing its registration statement with the SEC...
  "Turner becomes the latest money manager to announce planned or implemented layoffs as plunging equity markets have depressed their margins. In earnings announcements Thursday, Janus Capital Group announced that 9% of staff, all non-investment employees, would be cut, and AllianceBernstein Chairman and CEO Lewis Sanders said layoffs at his firm during the current quarter were inevitable." P&I story here.
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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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