The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Putnam Says Cuts Are Last Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, August 20, 2002

Putnam Says Cuts Are Last

by: Sean Hanna, Editor in Chief

Most of the fund industry is away on its annual August retreat, and a few may not be returning. Putnam Investments has cut 32 jobs, including that of the manager of its Small Cap Value Fund. Putnam officials explained that the cuts were a reaction to market conditions and that the firm is not planning more layoffs.

The cuts represent less than one percent of the 5,700 jobs at the unit of Marsh & McLennan. The majority of the eliminated positions are in Boston and are from Putnam's operations unit, according to the company.

This week's cuts are far smaller than Putnam's last round in April of 2001 when it eliminated 256 jobs.

This time, the one portfolio manager losing his job in the cuts was Sheldon Simon, who comanaged the Small Cap Value Fund.

Known for its aggressive funds and strict style discipline, Putnam has been hard hit by the bear market and has seen a number of senior staff depart since the start of the year. Included among the executives leaving the firm where the head of its defined contribution business and the head of its managed account business.  

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use