After incurring an 18% drop in third quarter profits, CI Financial Income Fund plans to eliminate between 50 and 60 jobs in the next six months as part of cost-cutting efforts, according to reports.

The cuts are part of an ongoing process to reduce the company’s costs, CEO Bill Holland said in a conference call on Tuesday.

In recent months, the company has been assessing all aspects of business to determine areas in which jobs could be eliminated. It plans to cut jobs in many departments, including administration, IT, and within Blackmont Capital Inc. and Assante Wealth Management.

“We’re not doing a bunch of layoffs, we’re just looking at every part of our business and trying to find ways that we can do it less expensively,” Holland said.

He explained that the cuts would be largely achieved through a hiring freeze. The company, which has about 1,700 employees, typically hires 10 workers per month. By ceasing to hire these new workers, the company would eliminate 120 positions in the next year, comprising a considerable chunk of payroll expenses, Holland said.

CI Financial’s goal is to eliminate $9 million in costs in the fourth quarter, and another $33 million in 2009.

“Our assets have dropped — while not anywhere near as much as the market –in the range of 17% or so. You can’t not acknowledge it, and look for ways to cut costs,” Holland said.

IE