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We've got the money Putnam Investments is a global asset manager that specializes in mutual funds and retirement plans. With nearly $300 billion in assets under management, primarily in mutual funds, Boston-based Putnam is the fifth-largest mutual fund manager in the U.S. The firm is a wholly-owned subsidiary of insurance giant Marsh & McLennan, which acquired the firm in 1970. In past years, Putnam has accounted for about half of Marsh & McLennan's profits. Putnam began managing money in the 19th century when clipper ship captains hired trustees to handle their financial affairs while they were away at sea. One of those trustees, Justice Samuel Putnam, wrote the following credo for professional investment management: "Those with the responsibility to invest money for other should act with prudence, discretion, intelligence, and regard for the safety of capital as well as for income." Known as the "prudent man rule," this ideology has since become the industry standard for responsible money management, and Putnam Investments has bragging rights to its conception. In 1937, Justice Putnam's great-great-grandson founded Putnam with The George Putnam Fund of Boston. This balanced mutual fund, a flexible mix of stocks and bonds, marked the beginning of Putnam's strength in both those key areas of the investment business. Recent underperformance Putnam has had its share of problems recently in its fixed income division. Once known for its outstanding performance in bond investments, Putnam saw clients withdraw $1.6 billion in fixed-income assets under management in a six-month period in 1998. The firm has been attempting to reorganize and strengthen its bond business for years, bringing in William Curtin from Lehman Brothers in 1996 to head up the overhaul. In May 1997, the firm fired eight of its 30 fixed-income portfolio managers. But without significant improvement, Curtin resigned in November 1998.
Putnam looks for people with strong academic backgrounds and employ a rigorous screening process. Industry experience in the form of prior jobs or internships is preferred. To find out about open positions, visit the firm's web site, located at www.putnaminv.com, which allows job seekers to search for positions by location (in Massachusetts) and function. Candidates can send resumes via fax, e-mail or regular mail to the firm. Putnam does not accept resumes e-mailed as attachments (they should be sent in text form). Don't expect an easy jaunt into employment at Putnam. Says one insider, "It is very competitive, but if you make it through our screening process it can be a very rewarding place to work." Applicants are gained "mainly through referrals within the company" but are also recruited from "six or seven carefully selected schools." "This doesn't mean that you can't get a job if you don't attend one of them, but it certainly becomes harder" explains one contact. Overall, an applicant can expect at least two interviews before being hired.
Conservative culture Putnam is described by insiders as a "very conservative investment management firm." Says one, "The work environment is extremely professional." The conservative culture, of course, is reflected in the firm's "very formal" dress code. For men, it's shirt and tie, "preferably suits," and for women it is "dresses or slacks/blouses." There are only "occasional" casual Fridays. But insiders are not displeased with the firm. One insider describes Putnam as a firm that "takes care of its employees." Another says that "as far as the culture and the people go, I can't imagine a better place." Yet another contact describes Putnam as "a nurturing place to start with when you graduate" and co-workers "take the time to listen to one another." The firm offers a "stock purchase plan" and a 401(k) plan that are "both pretty good." Also, Putnam offers a "bonus pool at year-end." One insider, however, claims that "getting a promotional opportunity at Putnam is very difficult." Another claims that disabled employees may not be given a true chance to succed. On the whole, however, most insiders enjoy their job experience and describe co-workers as "wonderful people." Good summer program Putnam's summer MBA intern program was reviewed as "probably one of the best in the industry" and even interns had "fantastic" exposure to upper-level management. Says one former summer associate: "Exposure to upper and middle management within the company was great." And another reports that there was "a very cooperative mentor provided." Putnam also offers a firm-wide summer outing.
Bob Burke Resume Processing Center1 7 Shattuck Road, (C-36-H) Andover MA 01810 (617) 760-0613
Mutual Funds;Retirement Planning
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