The shakeup in the ranks of Putnam Investment's portfolio management teams is continuing. The moves were prompted, in part, by the firm's review of its growth stock management teams. Putnam has come under scrutiny for relatively poor investment performance in this group since the bear market started in 2000.

The scrutiny is especially close in Putnam's hometown. Earlier this week, the Boston Globe ran a column by Charles Jaffe named Putnam as one of three firms (along with Janus and AIM) that have the most explaining to do to investors about their poor performance.

At least two analysts -- Michael Mufson and Dana Clark -- will be leaving the firm. Each of the pair are specialists in picking growth stocks and are members of the portfolio management team of OTC & Emerging Growth fund and the Vista fund, respectively.

Clark's departure will not be the only change on Putnam's roster of managers. Kevin Divney, Paul Marrkand, and Justin Scott have joined Eric Wetlaufer and Kenneth Doerrthe on the management team of the $3.7 billion Putnam Vista fund.

Meanwhile, Putnam also assigned Walton Pearson and David Santos to the portfolio management team of the $17.6 billion Putnam Voyager fund. That team is lead by Brian O'Toole and also includes Tony Elavia and Wetlaufer. Elavia also will be joining the team managing the Growth Opportunities Fund.

Other moves in the group were made at the OTC & Emerging Growth fund team, it added Daniel Miller, and James Wiess is taking the lead spot on the Putnam Tax Smart Equity.  

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