Putnam is laying off 104 people, or 5% of its staff, this month, primarily in operations and technology. However, three portfolio managers and 13 asset management support staff are also getting the ax. After the cuts, Putnam’s total staff will number 1,827, which includes 63 new hires this year, including 12 investment professionals.
This is the third round of layoffs at the company since Robert Reynolds took over as chief executive officer in June 2008. Putnam cut 27 positions in November 2008 and 260 positions in February. Those cuts extended beyond operations and technology and investment products to include sales and marketing.
The three portfolio managers who are leaving are Brad Libby of the Putnam Municipal Bond Fund Series, David Gerber of the Putnam Global Industrials Fund, and Coo Way Law of the Putnam Global Telecommunications Fund.
A Putnam spokesman said the company is positioning for growth and plans to continue making strategic hires.