Two Putnam Investments portfolio managers are reportedly losing their jobs.
According to Dow Jones Newswires, Stephen Oler, manager of the $6 billion International Equity Fund, and George Stairs of the $690 million International Growth Fund will be leaving the firm next month as part of a restructuring of its investment management teams.
The move calls for reorganizing management teams geographically while grouping analysts according to industry lines. As a result some positions within the company will become less important, whereas other employees will be forced to pick up the slack left by the departure of Oler and Stairs
Meanwhile, Putnam, a unit of embattled insurance giant Marsh & McLennan, has +named Robert Salvin as a portfolio manager of three of its high-yield portfolios, Reuters reports.
Salvin joins the management teams of Putnam High Yield Trust, Putnam High Yield Advantage and Putnam Managed High Yield Fund. He will report to Paul Scanlon, portfolio leader on all three funds and team leader for U.S. high-yield investing at the firm.
Salvin joined Putnam in 2000 and is a manager on the Putnam High Income Bond Fund.