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Money Management Executive

Putnam Lays Off Nearly 1% of 5,700 Workforce

March 06, 2003, 1:00 a.m. EST 1 Min Read

Putnam Investments has laid off roughly 1% of its 5,700 global workforce, Reuters reported Wednesday. Most of the layoffs occurred at the firm’s Boston headquarters. Only one portfolio manager, Margery Parker of the Putnam Vista mid-cap growth fund, which declined 31% last year, was among those who lost their jobs.

Investors pulled $15.7 billion out of Putnam funds in 2002, the biggest loss of assets the firm has experienced in a decade, Reuters reported.

The staff of Mutual Fund Market News (MFMN) has prepared this capsule summary based on the report published by the news source to which it is attributed. Reuters is not associated with MFMN, and has not prepared, sponsored, endorsed or approved this summary.
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