BlackRock is cutting about 500 jobs as the world’s largest money manager looks to simplify parts of its business and focus more on areas such as technology, retirement and nontraditional alternative investments.

The cuts make up roughly 3% of BlackRock’s more than 14,000 workforce and will take place over the coming weeks. BlackRock began laying off staffers Thursday, said a person familiar with the matter. The cuts will happen broadly across the firm; it isn’t clear what areas will be most affected.