US - Western Asset Management has axed some 100 jobs, or 10% of its workforce.
Athridge said no senior portfolio managers will be cut and that the bulk of the job losses will come from administrations and operations across the firm's New York; Pasadena, California; Sao Paulo; Tokyo; Singapore and Melbourne offices.
She said: "This will not have an effect on our ability to manage money and serve our clients. As we have examined business and clients needs as well as talent available in the marketplace, we have opportunistically made several strategic hires to our investment team to ensure that we continue to provide the performance and service that our clients expect of us."
The firm has hired three senior credit analysts: Dipankar Shewaram in London, Ivor Schucking in Pasadena and a third in New York who will be joining this spring.
WAMCO manages US$513bn of parent company Legg Mason's $698bn in assets under management.
WAMCO is not the only asset manager to cut costs as assets under management and fees shrink under the weight of weak markets. WAMCO competitor, BlackRock, and Fidelity have both made similar moves in recent months.
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.