said four money managers are leaving the firm because they engaged in market timing trades of Putnam international mutual funds for their personal accounts, the Wall Street Journal reports.
Two other managers were found timing funds their didn't manage. However, they are not leaving the firm.
According to Putnam, the timing took place three years ago when the fund managers worked as part of a team of investment professionals. Executives said they discovered the trading in 2000 and stopped it, but didnít discipline the managers involved. They also declined to name them.
Still, while the company would not specify the time frame of the trading or the value of the shares exchanged, overall, they said the managers made trading profits of $700,000. The managers who traded funds they managed pocketed $500,000 and the other two made $200,000.
Correction: Earlier story indicated wrong number of people fired.
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