09/14/2008 05:12 am ET Updated May 25, 2011

Ariel Investments Laying Off 20% Of Staff

Ariel Investments LLC is laying off about 20% of its staff after recent poor returns forced a retrenchment at the Chicago mutual fund manager founded by John W. Rogers Jr.

Mr. Rogers said 19 employees are being let go -- the first such cutback in the firm's 25-year history. The most senior casualty is Controller Yvonne Towers, he said. Most of the layoff victims were hired within the last two to three years.

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