U.S. asset manager BlackRock Inc has axed 10 jobs in its investment team, including four portfolio managers, reports Reuters citing sources close to the development. BlackRock, acquired a 40% stake of Merrill Lynch in DSPML Fund Managers in January this year.
The largest publicly traded U.S. asset manager made these cuts last week.
BlackRock has around 5,500 employees worldwide. BlackRock has around 5,500 employees worldwide.
Fidelity Investments, Janus Capital Group, Legg Mason, Putnam Investments and AllianceBernstein Holding are among U.S. asset managers that are making workforce reductions due to the turmoil in markets. Boston-based Fidelity is cutting about 3,000 jobs through early 2009.