J.P. Morgan Fleming Asset Management, in a move to consolidate and cut costs, has let go five team leaders in its fixed-income team, according to BW sister publication Money Management Letter. Those released include Jay Gladieux, the top portfolio manager on its $12 billion broad-market fixed-income portfolio, Donna Lloyd, head of the liquidity sector team, Blake Witherington, head of credit research, John Fenn, head of the high-yield bond management team, and Thad Carlson, head of the Treasury and agency bond team. Additionally, Gilbert Van Hassel, head of global fixed-income, has been transferred to global head of technology and operations for investment management, and has been replaced by Seth Bernstein, cfo for investment management and private banking. Spoksman Darin Oduyoye said the five portfolio managers were let go because their positions had been eliminated. He declined to comment further.
An individual familiar with the matter said that the layoffs, which happened October 30, were the result of firm-wide cost-cutting measures, and were not based on performance. All five of the portfolio managers were out of the office and could not be reached. Gladieux oversaw the fixed-income portfolios for about 60 institutional clients. An exact figure for the assets the other portfolio managers oversaw could not be ascertained.