is guiding Cincinnati-based Fifth Third Asset Management
] out of the mutual fund business, and along the way he's cutting staff.
Steve Watkins of the Cincinnati Business Courier reports
that the bank-owned asset management shop will cut one-third of its 90 positions by the beginning of next year. In April Fifth Third unveiled
a deal to sell all 16 of its mutual funds to Touchstone Investments
], with the closing slated for the third quarter.
At the time, Wirtz described the deal as a way for his unit to focus on "core strengths -- providing institutionally managed active asset management strategies." Wirtz serves as president of Fifth Third Asset Management.
According to the Business Courier
, "Fifth Third notified the employees last week" about the layoffs.
Neil Anderson, Managing Editor
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