Only 36 percent of stock-picking managers survived or outperformed their average passive peer over the past 12 months, according to Morningstar data.
One of the managing directors has been in the industry more than 40 years.
Culturally, it was “probably one of the easiest deals in the world.”
The cuts are global and range across several businesses in the group.
The private equity-backed RIA is adding team members to support dozens of deals in the works.
