Putnam Investments is planning to shut down its Franklin, Massachusetts facility before the year is over, company spokesman Jon Goldstein confirmed to The MFWire.

Nearly all of the 500 employees in that facility, which handles non-investment operations and back-office functions, will be offered positions in Andover and in Putnam's Boston headquarters.

The move stems from a desire for optimization of space and does not reflect any plans for upcoming workforce reductions, Goldstein told The MFWire.

A small portion of the Franklin staff may be directed into Putnam's "work at home" program, which has been a part of Putnam’s workforce organization for several years. 

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