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Rating:Putnam Prepares Another Round of Cuts Not Rated 5.0 Email Routing List Email & Route  Print Print
Friday, February 06, 2009

Putnam Prepares Another Round of Cuts

Reported by Neil Anderson, Managing Editor

Putnam, like many other asset managers, looks like it isn't done with layoffs yet . Industry insiders whisper that the Boston-based fund firm owned by Power Financial will announce a significant workforce reduction and reorganization within the next week. Yet a spokeswoman for Putnam told MFWire that the firm is still hiring.

"We're still continuing to look for talent," said company spokeswoman Laura McNamara, adding that the firm recently hired six new portfolio managers and 17 analysts.

However, McNamara declined to discuss the extent or impact of the upcoming cuts.

"We don't comment on rumors or speculation," McNamara said.

Yet, one industry insider claimed the new round of cuts will claim 20 percent of Putnam's workforce of roughly 2,200. That insider pointed to Putnam's Italian institutional business, Asian institutional business and Taft-Hartley (i.e. multi-employer union) defined contribution business as some of the businesses that Bob Reynolds and his team may choose to exit.

In November, Reynolds revealed plans to cut 47 employees, including 12 portfolio managers as part of a reorganization of the firm's equity investment group (see MFWire, 11/17/2008, 11/17/2008 and 11/18/2008). Since then, the new CEO and Fidelity has continued to leave his mark on fund the firm. In late November, Reynolds tapped Daniel Farrell as head of equity trading (see MFWire, 11/25/2008), and he later hired fellow Fido alums Andra Bolotin and Clare Richer as controller and chief financial officer, respectively (see MFWire, 12/2/2008).

More recently, Reynolds unveiled what Putnam claims are the first absolute return mutual funds (see MFWire, 1/13/2009 and 1/15/2009), and he hired another Fido alum, Ed Murphy, to lead Putnam's defined contribution business (see our sister publication, The 401kWire, 2/3/2009). 

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