Putnam Investments this week laid off 32 people from throughout the firm’s business units, said Nancy Fisher, Putnam spokeswoman. Among those let go was one portfolio manager, who worked with the Putnam Small Cap Fund; the firm has no further plans to make additional staff cuts this year, she said. The cuts are a result of the consolidation of investment portfolios earlier this year, eliminating 11 mutual funds, as well as declining assets under management — to $261 billion as of July 31, down 23% from June 30, 2001.
Putnam reduced its work force by 256 people last year.
