Pacific Investment Management Co. plans to cut its workforce by 68 people, or about 3 percent, and offer buyouts as assets under management have fallen since the September 2014 departure of Bill Gross, according to a memo obtained by Bloomberg.

“Like any responsible business, Pimco constantly adjusts its resources to capitalize on changing markets and investment opportunities for clients,” spokesman Michael Reid said in an e-mailed statement. “Our current business plans will reduce expenses in some areas while, of course, ensuring investment and hiring in others.”

Gross, who co-founded the firm in 1971 and built Pimco Total Return into the world’s biggest mutual fund at its peak, left abruptly in 2014. Pimco’s $1.5 trillion in assets under management are down 25 percent from their $2 trillion peak in the first quarter of 2013.

“The competitive demands of this industry require that we continually adapt and innovate to meet evolving client needs,” according to the memo signed by top executives.

The firm is cutting six dividend-income strategy funds led by a team including money manager Brad Kinkelaar with about $260 million in assets, according to the memo. Pimco is converting its equity exposure to Research Affiliates Equity Income Fund. A year ago, the firm cut most of its in-house equities funds, leading to the departure of Virginie Maisonneuve, the deputy chief investment officer overseeing the traditional bond shop’s attempt to expand its business as a stock picker. Research Affiliates, founded by Rob Arnott, is already Pimco’s only subadviser.

Fox Business reported the job reductions earlier Thursday.