Following reports of workforce cutbacks earlier this week by Putnam Investments of Boston and Charles Schwab Corporation of San Francisco, American Skandia of Shelton, Conn. announced today that it is also reducing its workforce.

American Skandia is eliminating approximately 150 positions, about 13 percent of the company’s workforce, according to the announcement. The positions eliminated are from a variety of segments of the company, but the product development, new technology development, and sales units will not be affected, according to Timothy Klahs, a spokesperson for American Skandia.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.