The third quarter was rough for stock prices, but Putnam [see profile] managed to dampen the pain with fixed income growth. Today Putnam's Toronto-based parent, Great-West Lifeco, released its Q3 earnings report, and in the supplemental information package Great-West revealed that its mutual fund assets under management dipped 7.79 percent to C$59.969 billion on September 30, 20110, as the S&P 500 fell more than 10 percent.

Putnam's growth, value and blend equity mutual fund assets all dropped in Q3, but its fixed income mutual fund AUM climbed 1.8 percent to C$26.064 billion.

Thanks to the lower AUM (overall Putnam's assets fell to 11.82 percent to $113.871 billion on September 30 from $129.132 billion on June 30), Putnam's fee income fell to $185 million in Q3 2011, down from $209 million in Q2 2011 and $189 million in Q3 2010. 

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