In addition, the firm is asking executives to cut back on travel and entertainment, consolidating some mutual funds and reducing marketing and advertising expenditures.
Waddell first informed employees of the plan, which will not involve its financial advisers, last Thursday.
With assets under management now at $47 billion, down a whopping 21% from $59.9 billion at the end of September, Waddell CEO Hank Herrmann quirped, The markets taken a cleaver to our assets under management.