Dreman Value Management, the Jersey City-based firm run by legendary fund manager David Dreman, laid off 10 employees, or about 20 percent of its workforce, according to a published report.

The cuts reportedly impacted mostly employees in back-office and support posts.

"It was a painful decision for us,” James Hutchinson, president, managing director and portfolio manager, told InvestmentNews. "But we're almost in a depression-like economic environment, and we had to face reality."

The cuts also came in the wake of DWS Investments' decision in early April to drop Dreman as the manager of the $2.2 billion DWS Dreman High Return Equity Fund (see The MFWire, 04/08/09).  

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