Putnam Investments is firing four mutual fund money managers for timing trades in their own international and global funds, reaping themselves more than $700,000 in profits, Reuters reported early Friday morning. All four have been asked to leave, although the fate of another two, who also engaged in market timing, but not in their own funds, is still up in the air. Nancy Fisher, a spokeswoman for Putnam, indicated that further details about the six money managers would be made later on Friday.
The startling news comes on the heels of a report Thursday that Smith Barney fired four more brokers as a result of its internal probe into market timing. A Smith Barney spokeswoman confirmed the brokers had been fired, but declined to name them. However, a source told Reuters they all worked in New York.