Putnam Lays Off 100; Three Fund Managers Leave

Nov. 15, 2004 — Putnam Investments said it will eliminate about 100 jobs in an effort to improve “operating efficiency.” Putnam also said three of its mutual fund portfolio managers are leaving the company.

The job cuts will involve all areas of the company, but will not affect any other fund managers, a Putnam spokeswoman said. The reductions are in addition to about 70 jobs the company cut last month in connection with its retirement plan administration, the spokeswoman, Sinead Martin, said.

Putnam said stock fund managers Walt Pearson and Cole Lannum will be leaving Putnam. The company said that separately, bond fund manager George Maris has also decided to leave. None will be replaced, Putnam said.

Pearson was a member of the teams that run the Putnam Voyager Fund/A (PVOYX) and the Putnam Growth Opportunities Fund/A (POGAX). Maris was one of the managers of the open-end Putnam Convertible Income Growth Trust/A (PCONX) and also helped pilot two closed-end funds, the Putnam High Income Bond Fund (PCF), and the Putnam High Income Opp Tr (PCV).

In another move aimed at improving the performance of its funds, Putnam said it restructured its large capitalization equities investments teams, putting them under Josh Brooks, who was named chief investment officer of large capitalization equities. Brooks continues as head of global equity research and chief investment officer of core equities.