MONEY MANAGEMENT

Putnam Investments reorganizes small-cap equity group

Putnam Investments is reshaping its global small-cap equity team by adding to the team and reorganizing some roles within the team, spokesman Jon Goldstein said.

Effective March 31, David Diamond will join the firm as co-portfolio manager of the Putnam Small-Cap Value Fund. Mr. Diamond will work closely with co-portfolio manager Eric N. Harthun, who will retire from Putnam at the end of the year.

Also, Bill Wiese was named a small-cap value analyst, bringing the small-cap research team to a total of eight analysts.

Messrs. Diamond and Weise were private investors just before joining Putnam, Mr. Goldstein said.

Other changes to the Putnam small-cap equity team involve the $344 million Putnam Capital Opportunities Fund, which will be managed by members of the small-cap research team, led by co-director of equity research Kathryn B. Lakin. The current portfolio manager, Pam Gao, will be leaving the firm at the end of March.

Bill Monroe, a Putnam veteran with a background as a diversified analyst across sectors, will assume management of the $154 million Putnam Small-Cap Growth Fund, effective March 31. Mr. Monroe replaces Ms. Gao.

Mr. Goldstein did not know where Mr. Harthun or Ms. Gao were going after they leave Putnam.

The $417 million Putnam International Capital Opportunities Fund will be managed by Karan Sodhi, Spencer Morgan and Andrew Yoon, three Putnam equity analysts, who will take the reins from members of the firm's global asset allocation team, effective March 31. The fund was managed by Robert J. Schoen, chief investment officer, global asset allocation; and portfolio manager Brett E. Risser, who will continue to manage Putnam's Global Asset Allocation multiasset strategies.

Putnam anticipates that three of the firm's primary small-cap equity mutual fund portfolios (Putnam Small Cap Growth Fund, Putnam Capital Opportunities Fund and Putnam International Capital Opportunities Fund) will be managed with a reduced number of overall holdings to enhance their exposure to securities identified as strong potential drivers of alpha.

Putnam Investments had $160 billion in assets under management as of Feb. 28.