Putnam Investments's New Opportunities Fund
is currently closed, but it will re-open to new investors on January 18. Putnam swears that this is a limited-time opportunity, and that the fund will close when new sales reach $1 billion. High demand is the reason for the opening, according to Laura McNamara
, a Putnam spokesperson.
Putnam also announced that the New Century Growth Fund
, previously available only to a limited circle of investors at both Putnam and its subsidiary Marsh & McLennan
, will throw its arms open to the public. The company describes the fund as an aggressive growth fund with a strong emphasis on "new economy" companies, i.e. technology and internet stocks. The public will be welcome starting January 21, and this fund will also be capped at $1 billion in new investment.
New Opportunities, a $26 billion diversified fund closed in June 1997, managed by Daniel Miller, Jeffrey Lindsey and Kenneth Lang
. The New Century Growth Fund is managed by Charles Swanberg
and Roland Gillis
, who also manage the company's Voyager funds. Putnam is based in
Boston and has $375 billion under management.
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