The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Reynolds Makes a Long Bet on China for Putnam Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, June 06, 2012

Reynolds Makes a Long Bet on China for Putnam

News summary by MFWire's editors

Putnam [profile] is eyeing the Chinese market. The Boston-based mutual fund specialist has opened offices in Beijing as part of an effort to go after business from large institutions, according to press reports.

Michael Luo, an American-educated, Chinese national who joined Putnam from Invesco Great Wall in Shenzhen, is heading the office, reports the Boston Herald.

The Boston Globe quotes Putnam CEO Bob Reynolds as explaining that "You have to go in with the idea that this is a long-term play."

Putnam already has offices in Asia, including an investment office in Tokyo and a joint-venture office in Singapore.

Separately, Joseph T. Phoenix, head of Putnam Global Institutional Management, told Pensions & Investments that nearly a quarter of Putnam's AUM comes from Asia.

In December, money market mutual funds attracted $8.8 billion in China, while equity funds took in $3.5 billion, according to Cerulli Associates, a Boston consulting firm to the investment business.

The Globe points out that managing money in China is not the only opportunity for U.S. mutual fund firms. Fidelity Investments has 200 workers in Dalian. They are not managing money but working instead on Fidelity IT projects. 

Edited by: Sean Hanna, Editor in Chief

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use