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Wellington Management slashes 5% employees as asset managers cut costs

US investment manager has cut 170 staff globally

Wellington has cut 170 roles globally

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Wellington Management has slashed 5% of its employees, as asset managers follow large investment banks with workforce reductions.

The US investment manager, which is headquartered in Boston and oversees $1.4tn in assets, cut 170 roles this week, people familiar with the matter told Financial News.

The cuts included its office in London, near...