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Thursday, April 12, 2007

Putnam Goes East with New Funds

News summary by MFWire's editors

Putnam Investments is branching out into previously untapped markets, signing an agreement with Taiwan-based Cathay Securities Investment Consulting, a subsidiary of Cathay Financial Holdings Company, to offer its mutual funds in Taiwan. Putnam will distribute 12 of the Dublin-based Putnam World Trust II mutual funds to both retail and institutional investors. -ed.


Boston-based Putnam Investments, one of the world's largest investment managers, announced today that it has signed an agreement with Taiwan-based Cathay Securities Investment Consulting, a subsidiary of Cathay Financial Holdings Company to offer its mutual funds in Taiwan.

Cathay Securities Investment Consulting will act as "master agent," distributing 12 of the Dublin-based Putnam World Trust II mutual funds to both retail and institutional investors in Taiwan. Additional funds may be offered at a later date. Putnam World Trust II funds are available in a variety of investment strategies including U.S. equity, global equity, sector-specific and fixed income.

"We are pleased to work with Cathay Securities Investment Consulting, a premier financial institution with extensive distribution channels to promote our funds in Taiwan, said Jeffrey F. Peters, senior managing director, head of international business, for Putnam. "The growing wealth of Taiwanese investors and their increasing appetite for a broad range of innovative fund products is fast creating a growing investment market for fund managers within Taiwan. With this agreement, we enter the Taiwan marketplace with a great partner that we believe positions us for long term success."

Mr. Andrew Liu, Chairman of Cathay SICE said, "We are honoured to have the opportunity to cooperate with Putnam Investments, a firm with distinguished heritage, investment experience, and multiple capabilities. By representing Putnam funds in Taiwan, we are able to provide Taiwanese investors with high-quality offshore funds, making the product range and fund offerings of Cathay SICE more complete and diversified, with a full range of overseas investment choices."

ABOUT THE COMPANIES

About Putnam Investments: Founded in 1937, Putnam Investments is one of the world's oldest and largest money management firms. As of March 31, 2007, Putnam managed $188 billion in assets, of which $119 billion is for mutual fund investors and $69 billion is for institutional accounts. Putnam has offices in Boston, London and Tokyo. For more information, go to www.putnam.com

About Cathay Securities Investment Consulting (Cathay SICE): Cathay SICE, founded in November, 2002, is a member of Cathay Financial Holdings in Taiwan. As part of our constant pursuit of superior performance, Cathay SICE has built a team of top researchers, and operates under the principle, "Strong roots, steady growth". In serving our clients, the objective of Cathay SICE is to be diligent, reliable, and pragmatic, with a singular focus on helping investors achieve their goals for a better future.

With the rapid expansion of investment markets in Taiwan, demands for overseas securities and investments amongst investors in Taiwan have been increasing steadily. Cathay SICE actively provides offshore funds investment consulting services, in addition to being the Master Agent for Putnam World Trust II funds. 

Edited by: Erin Kello


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