Bob Reynolds and his team have re-branded three Putnam [profile] mutual funds that collectively hold more than $3.2 billion. Today the Boston-based mutual fund firm revealed that the Putnam asset allocation funds are now called the Putnam Dynamic Asset Allocation Funds, emphasizing Putnam's dynamic approach to asset allocation.

Specifically, the two-star, $1.2-billion Asset Allocation: Balanced Portfolio transformed into the Dynamic Asset Allocation Balanced Fund (PABAX). The two-star, $525.9-million Asset Allocation: Conservative Portfolio turned into the Dynamic Allocation Conservative Fund (PACAX). And the two-star, $1.5-billion Asset Allocation: Growth Portfolio is now the Dynamic Asset Allocation Growth Fund (PAEAX). Putnam first launched all three of the funds in 1994.

The move follows the September launch of Putnam's new Dynamic Risk Allocation Fund (PDREX), which now boasts $21.8 million in assets. All four funds are PMed by global asset allocation chief Jeffrey Knight and his team.

Reynolds announced the changes at a briefing in New York last week where he made the case for having a "modern solution set" for helping advisors and investors [see MFWire.com, 1/26/2012]. Reynolds also claimed that, with about $3.5 billion in net inflows since launch, the Putnam absolute return funds now have almost 10 percent of the absolute return mutual fund assets. 

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