UPDATE 1-UK asset manager Merian Global Investors to restructure, cut jobs [Reuters]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
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Source: Reuters
UPDATE 1-UK asset manager Merian Global Investors to restructure, cut jobs * Follows tough year for many active managers * Consulting with staff; no detail on total job cuts * Cuts likely to fall across functions (Adds background, detail on funds) By Sujata Rao, Carolyn Cohn and Simon Jessop LONDON, Dec 4 (Reuters) - Merian Global Investors is planning to restructure its business and is consulting with employees about job losses, it said on Wednesday, the latest active asset manager seeking to cut costs and shed assets as investors turn to cheaper funds. Managers who make active investment decisions have been struggling to outperform markets in recent years, heaping pressure on them to lower their fees as more investors opt for cheaper, index-tracking funds. The move comes less than two years after Merian was created through a private equity-backed buyout from Anglo-South African financial services company Old Mutual in June 2018. It currently has around 230 employees. “Against a very
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