Strong Capital Management, the investment adviser to the Strong Funds, has laid off nearly five percent of its 1,150-employee work force. Officials said that the firm eliminated 51 positions throughout the company. The layoffs marked the first in the company's 25-year history.
Dick Strong, the company's founder, announced the move in a letter to employees dated Nov. 17. "If we are to ... remain a strong and competitive company, we have to become a more productive, a hungrier, and a flatter company," Strong wrote. Strong said the reductions would be made throughout the firm.