Three Putnam Fund Managers Fall as Part of Staff Cuts
December 9, 2009 (PLANSPONSOR.com) - Putnam Investments LLC will dismiss three fund managers as part of a broader move to cut 5% of its staff.
According to Bloomberg, the fund managers are David Gerber, a 13-year company veteran who oversaw the $4.73 million Global Industrials Fund; Coo Way Law, hired last year as co-manager of the $3.89 million Global Telecommunications Fund; and Brad Libby, member of a five-person team handling municipal bonds who was with the Boston-based firm since 2001.
They are among 16 being let go from the company’s investment-management division as part of a broader reorganization. The announced 5% cut in staff amounts to about 100 positions, which were categorized in published reports as support jobs, primarily in operations and technology units.
Gerber will be replaced by Ferat Ongoren, hired this year from Citigroup Inc., and Nathaniel Salter, a Putnam analyst for almost a decade, according to the report. Vivek Gandhi will be sole manager of the Global Telecommunications Fund.