By cutting jobs and payroll, U.S. investment managers plan to cut expenses by an average 14% this year, according to a survey by Greenwich Associates LLC.

The Stamford, Conn., research group released the survey last week.

Many investment managers are targeting job and pay cuts toward their client services and information technology departments, instead of investment management, Greenwich said.

More than 30% of the investment managers surveyed said they are considering cutting executive management expenses by 15% or more, and 17% plan to cut the expenses by 30% or more.

Greenwich interviewed chief executives, chief operating officers, and chief financial officers last month at 47 U.S. asset management firms that invest a total of about $3.2 trillion.

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