Most of the fund industry is away on its annual August retreat, and a few may not be returning. Putnam Investments has cut 32 jobs, including that of the manager of its Small Cap Value Fund. Putnam officials explained that the cuts were a reaction to market conditions and that the firm is not planning more layoffs.

The cuts represent less than one percent of the 5,700 jobs at the unit of Marsh & McLennan. The majority of the eliminated positions are in Boston and are from Putnam's operations unit, according to the company.

This week's cuts are far smaller than Putnam's last round in April of 2001 when it eliminated 256 jobs.

This time, the one portfolio manager losing his job in the cuts was Sheldon Simon, who comanaged the Small Cap Value Fund.

Known for its aggressive funds and strict style discipline, Putnam has been hard hit by the bear market and has seen a number of senior staff depart since the start of the year. Included among the executives leaving the firm where the head of its defined contribution business and the head of its managed account business.  

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