Feeling the pinch from the drop off in the tech and Internet sectors, Munder Capital Management of Birmingham, Mich., laid off 31 employees last week, according to a company spokesperson.

The firm, which specializes in technology and Internet investing, was forced to make the cuts because of the difficult market conditions, said Jackie Ruegger, a company spokeswoman.

The majority of the cuts were made to the firm’s retail distribution and operations staff but also included two associate portfolio managers and Steve Appledorn and Alan Harris, two senior managers who worked on the Net Net and International Net Net funds, Ruegger said.

As of Sept. 30, Munder Capital had $33.5 billion in assets under management, $8.1 billion of which was held in Munder funds, according to the company.

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