BOSTON — Putnam Investments terminated nine employees — none of them money managers — following its comprehensive review of employee trading in the company's funds over the past six years, Charles "Ed" Haldeman, Putnam chief executive officer, wrote to investors in a letter Dec. 16.
Mr. Haldeman said the nine had "knowingly engaged in improper trading in Putnam funds," mostly between 1998 and 2000, "predominantly in international and global funds." Other employees who may have engaged in improper trading were admonished but not fired, either because they weren't sufficiently educated or because they had complied with orders to stop.
Putnam's internal review covered 5,200 employees and 7,500 former employees as of Oct. 1. An earlier review of market-timing activity by Putnam's investment division personnel, pursued in cooperation with regulators, led to departures of six portfolio managers.