Citizens Advisers the Portsmouth, N.H., advisor to a group of eight social funds, made the somewhat unsociable move of cutting 15 positions from its ranks, the company announced today.
The cuts were made company wide, but most of the positions affected were in non-investment related areas, the firm said. A company representative could not be reached for comment by deadline.
The company blamed the action on the "prolonged market downturn."
"After trimming discretionary costs, we felt it prudent to adjust staffing to meet current business demands," the firms CEO, John Shields, said in a statement.
The company said that todays action positions the firm "correctly" in todays market conditions and will allow it to respond appropriately when market conditions improve. No further cuts are anticipated, the statement said.