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Wednesday, December 09, 2009

Putnam Cuts Jobs

Reported by Armie Margaret Lee

Putnam Investments is laying off 104 workers, or 5 percent of its staff, company spokesperson Jon Goldstein confirmed to The MFWire. The Boston fund firm notified employees on Wednesday.

The affected employees were mainly from the operations and technology divisions. On the investment side, 16 people were laid off, majority of whom were investment support staff.

This is the second time this year that Putnam implemented layoffs. In February, the firm axed 260 jobs, affecting employees in sales, marketing, product, operations and technology.

Wednesday's cuts bring Putnam's total headcount down from 1,931 to 1,827. Affected workers will receive a salary through the end of the month and will be given a severance package.

"Resource reallocation is important in order to best serve clients and position Putnam for future growth," Goldstein said.

On the investment side, the affected employees include Brad Libby, one of four portfolio managers running the Putnam Municipal Bond Fund Series; David Gerber, analyst and portfolio manager for the Putnam Global Industrials Fund and Coo Way Law, co-manager of the Putnam Global Telecommunications Fund.

Other managers of the Municipal Bond Global Telecommunications funds will continue their duties. As for the Global Industrials Fund, Ferat Ongoren and Nathaniel Salter will take over as portfolio managers.

According to Goldstein, Putnam hired 64 people this year, including 12 investment professionals.

"We continue to make strategic hires," Goldstein said. "The firm is highly committed to investing in and building its core businesses which over time will result in a significant net gain of employment." 

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