MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, April 15, 2008 Power CEO Defends Putnam Progress All is well at Putnam, says Jeffrey Orr, CEO of the company's parent, Power Financial Corp. Orr told Bloomberg that the planned turnaround at Putnam, acquired by Power last August, is going well, it's the markets that are not cooperating. According to FRC data, Putnam saw $2.9 billion in outflows from its retail funds in the first two months of 2008. The Boston-based company's AUM also fell 2 percent in 2007. The MFWire reported back in December that fund industry insiders thought that Great-West, Power's insurance company that directly purchased Putnam, may do away with the Putnam brand altogether if underperformance continued. In February, the Canadian newspaper Globe and Mail reported that Putnam's continued woes were starting to also have an effect on Great-West's shares. Printed from: MFWire.com/story.asp?s=17965 Copyright 2008, InvestmentWires, Inc. All Rights Reserved |