MutualFundWire.com: Putnam Opens The Doors

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Thursday, January 13, 2000

Putnam Opens The Doors

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.

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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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