Turner Investment Partners
on Thursday slashed 22 jobs, a company spokesman confirmed to The MFWire
. The headcount reduction affected Turner's distribution and business services teams. The investment team was not affected.
The job cuts were implemented six days after Berwyn, Pennsylvania-based Turner
withdrew its registration statement with the SEC
for an IPO.
The headcount reduction is a "direct reflection of the financial crisis," the spokesman said. "Our revenues have declined."
Thursday's layoffs brought the number of Turner employees to 113.
Armie Margaret Lee
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