Difficult market conditions have forced mutual fund company AIC Ltd. to lay off approximately 50 employees, according to reports on Friday.

Jonathon Wellum, CEO of the privately owned company, told reporters the company eliminated jobs in its information technology and marketing departments. The layoffs also included a few analyst positions, but none of the company’s fund managers were let go, according to the reports.

The layoffs were a result of market turmoil that has hurt some of the company’s stock portfolios and impacted its financial position. In order to remain profitable, the company must cut costs, Wellum said.