The Canadian Press

Asset management company Mavrix Fund Management Inc. said Wednesday it is cutting 10 staff members to “better align costs and staffing levels with current assets under management,” as the firm suffers from an investment falloff that has hampered many in the industry during the economic downturn.

Earlier this week, Mavrix reported assets under management at the end of the most recent quarter of $349.9 million, down from a year-earlier $395.8 million. However, the firm noted that it has seen improvements, with assets growing from $313.8 million at the end of June 30.

In a realignment of management of several of its mutual funds, the company said sales and marketing teams of Mavrix and GrowthWorks, which acquired Mavrix earlier this year, will work collaboratively to sell Mavrix specialty mutual funds and flow-through funds and GrowthWorks retail venture capital funds.

Senior management was unchanged.

Mavrix also proposed to retain Seamark Asset Management Ltd. as sub-advisor to the Mavrix Dividend and Income Fund and the Mavrix Strategic Bond Fund.

Mal Spooner, president and CEO of Mavrix commented, “we see some exciting new opportunities flowing from the proposed business combination* of GrowthWorks and Seamark.”