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ETF manager F-Squared said to cut 25% of staff

F-Squared in December agreed to pay $35 million to settle a lawsuit brought by the U.S. Securities and Exchange Commission.

By Sabrina Willmer | Updated on March 19, 2015

(Bloomberg) — F-Squared Investments Inc., a manager of investment products using exchange-traded funds that last year admitted to misleading investors about its performance, has eliminated about 25 percent of its staff, according to a person with knowledge of the matter.

The Wellesley, Massachusetts-based firm, which oversaw more than $24 billion at the end of last year, dismissed about 40 of its 161 employees, the person said, who asked not to be identified because the information is private. The firm has pared back as it adjusts to slower growth, said the person.

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