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.

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.