Grantham’s GMO Cuts 10% of Workforce as Assets Shrink
- Jeremy Grantham’s GMO dismissals claim about 65 positions
- GMO’s global equity group has abandoned stockpicking
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Grantham Mayo Van Otterloo & Co., the money manager known for the bearish views of founder Jeremy Grantham, has cut about 10 percent of its 650-person staff in a retrenching that follows a sharp decline in assets.
The departures include nine equity and fixed income analysts, Morningstar Inc. said in a report on the GMO Benchmark-Free Allocation fund. The firm this month disclosed several senior departures and said it would abandon fundamental stock-picking by the global equity team to fully focus on quantitative investments.