Virtus Investment Partners
, which is in the process of being spun off from The Phoenix Companies
, has trimmed a "small number" of back-office employees and a "very small number" of staffers in sales management, company spokesman Joe Fazzino confirmed to The MFWire
The reduction was a "prudent response to market conditions," Fazzino said.
Hartford, Connecticut-headquartered Virtus implemented the cuts Wednesday last week.
The back-office employees were based in Hartford and in Virtus' Greenfield, Massachusetts location. The sales management employees worked out of Hartford.
Separately, Virtus staffers moved into their new headquarters at 100 Pearl Street on Monday. Virtus occupies two floors of the building, which is located about two blocks away from its former home on 56 Prospect Street. There are about 130 employees at the headquarters.
Phoenix' board members approved the spin-off of Virtus Friday last week. The distribution of Virtus stock to Phoenix shareholders is expected to occur on December 31.
Virtus had $17.7 billion in mutual fund AUM as of end-September.
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