Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Portfolio > Portfolio Construction

Putnam Cuts 32 Jobs, Including One Portfolio Manag

Your article was successfully shared with the contacts you provided.

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.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.