Pimco has eliminated 68 people and is handing over management of some of its equity assets to another firm as part of a cost-cutting plan, according to an internal memo sent on June 16.

The majority of the staff affected were in operations, technology and client-facing roles, a person familiar with the matter said. The firm, according to the memo, will trim some of its equity funds and partner with Newport Beach-based Research Affiliates, on the management of some stock portfolios.