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In early 2004, the company admitted to allowing its portfolio managers and some investors to market time its funds. Under agreements with the SEC and the Secretary of the Commonwealth of Massachusetts, Putnam paid $110 million in fines and restitution to settle charges with the state and federal regulators. After allegations of improper trading became public, Putnam’s investors withdrew at least $28 billion from its stock and bond funds over a six-month period. By May, 70 civil actions had been filed against Putnam for allegedly engaging in improper trading.
In 2006, 48 percent of Putnam’s mutual funds scored in the top 50 percent when compared with funds in their peer group, an increase of 8 percent from two years prior. After failing to take advantage of a $4 million windfall, Putnam executives covered up the incident and attributed the loss to other mutual funds. Putnam Investments is a privately owned investment management firm founded in 1937 by George Putnam, who established one of the first balanced mutual funds, The George Putnam Fund of Boston. As one of the oldest mutual fund complexes in the United States, Putnam has over $183 billion in assets under management, 79 individual mutual fund offerings, 96 institutional clients, and over seven million shareholders and retirement plan participants. Your financial advisor can help you decide which investments are suited to your goals. Putnam’s wide array of choices includes mutual funds such as Putnam Large Cap Value Fund and Putnam Growth Opportunities Fund, as well as products that seek to reduce volatility, such as Putnam Absolute Return Funds; and funds that seek to diversify sources of risk, such as Putnam Dynamic Risk Allocation Fund.
Putnam is headquartered in Boston, Massachusetts and has offices in London, Tokyo, Frankfurt, Sydney, and Singapore. It is a subsidiary of Great-West Lifeco and as of June 2017 managed $183 billion in assets across 80 mutual funds, 100 institutional clients, and 5 million shareholders and participants. On September 18, 2008, Putnam directors voted to liquidate its $12.3 billion Putnam Prime Money Market Fund and return capital to its approximately 155 professional investors.
Putnam was the first mutual fund company to implement the voluntary « Mutual Fund Protection Principles », an industry standard for compliance and investor protection. In February 2007, Great-West Lifeco, which is controlled by Power Corporation of Canada, announced it would acquire Putnam Investments, a « troubled mutual fund manager, » from the Marsh & McLennan Companies for the approximate price of $3.9 billion. The acquisition of Putnam was motivated by Great-West Lifeco’s 2005 decision to expand into the United States. The following month, Putnam received the 2007 Optimas Award for Ethical Practice in recognition of its then-recent efforts to create a more ethical company culture. The prospectus contains details on the variable annuity, the subaccounts, contract features, fees, expenses, and other pertinent information. Fixed income markets experienced widespread declines in the U.S. and globally in the third quarter of 2022, as inflation remained high and became more broad-based. By clicking on links to third-party sites, or using social media sharing tools, you will leave this Putnam Retail Management hosted property.
In June 2007, two of Putnam’s former managing directors agreed to each pay a $400,000 civil penalty to settle charges of improper trading of mutual fund shares according to the Securities and Exchange Commission. The two directors also agreed to a one-year suspension from any role as an investment advisor. That same month, Lasser, Putnam’s former chief executive, agreed to pay $75,000 as a settlement against accusations by the Security and Exchanges Commission that he « failed to disclose that the investment company used fund assets to pay brokerage firms for preferred marketing agreements. » In October 2003, the Securities and Exchange Commission and the Massachusetts Secretary of State each filed separate civil complaints against Putnam, alleging that the company’s portfolio managers, along with some preferred clients, had engaged in the rapid trading of some of Putnam’s mutual funds. A few days later, Lasser resigned and Charles « Ed » Haldeman, director of one of the company’s investment divisions, was promoted to chief executive.
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