Contrary to a published report, Cerulli Associates is not pulling the plug on its consulting business. "Consulting continues to be a third of the revenues and will continue to be so," Kurt Cerulli told the MutualFundWire.com this morning.

Cerulli referred to a published report that ran last night as being "entirely incorrect." That report had stated that the Boston-based firm was "shuttering" its consulting unit.

The actuality, said Cerulli, is that the firm is pulling back from general consulting to focus on research based consulting.

"We have always done fairly research-focused consulting," he explained. "Published research is the fastest growing part of the business and the related consulting is something we will continue." Cerulli noted that the consulting business in general is down, and that was the reason for the two staff cuts.

Cerulli added that the firm will continue to offer consulting in the retail, institutional and international channels. The latter segment is also a bright spot of the business, he said. "The London office now accounts for one-third of our revenues," he said.

The two consultants leaving the firm are Peter Starr and Jim Falwell, said Cerulli.  

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