Stressing that the reorganization is not motivated by the financial crisis but a strong desire to improve accountability and, with that, performance, Putnam Investments Chief Executive Officer Robert Reynolds announced the firm is doing away with team-managed equity mutual funds. Instead, those funds will be run by single portfolio managers.

In the process, 12 fund managers were let go last week, along with 17 quantitative research people and 18 others, for a total of 47 people dismissed.

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