What do Fidelity and Putnam have in common apart from their Boston roots? A string of exits from their international teams, according to Morningstar.

The frequency of manager changes at Putnam's international funds is an "alarming trend" that shows no signs of abating, said the Chicago-based research firm, which raised similar concerns about Fidelity four months ago.

The most recent additions to the departure list: two of the three managers of Putnam's Europe Equity Fund, Heather Arnold and Mark Polland, as well as Christopher Crawford, a member of the group managing the International Capital Opportunities Fund. Their departure was announced by Putnam in mid-March.

"Changes of management can sometimes improve a fund," wrote Morningstar senior analyst Gregg Wolper on the Fund Spy column. "But we get concerned when we see a seemingly endless series of departures and additions at a broad array of a firm's funds."

"A string of manager changes is particularly worrisome when it comes at a firm that is trying to reorganize and rebuild itself, as Putnam is after being damaged by the mutual fund trading scandals," he added. Kolper noted that the Putnam's international funds aren't alone in experiencing defections. A number of the firm's domestic-stock funds have also witnessed management changes over the last couple of years, he said, adding that several key higher-level investment personnel have also departed the company.  

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