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Putnam Cuts 32 Jobs, Including One Portfolio Manag

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Aug. 19, 2002 — Putnam Investments has cut 32 jobs, including that of Sheldon Simon, a portfolio manager on Putnam Small-Cap Value Fund (PSLAX), according to company spokeswoman, Nancy Fisher.

“The job cuts were made across the board at Putnam,” the spokeswoman said. With a total of about 5,700 employees, the reductions amount to less than 1% of the company’s total work force.

Eric Harthun, a former analyst at Putnam, was named to replace Simon on the Small-Cap Value Fund. Lead-managed by Edward Shadek, the fund lost 13.5% year to date through July 31, while the average small-cap value portfolio has dropped 10.5%.

The Small-Cap Value Fund, with about $995 million in net assets, has been closed to new investors since January 2002.