Putnam Investments
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| Subsidiary | |
| Industry | Financial services |
| Founded | 1937 |
| Headquarters | Boston, Massachusetts |
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Key people
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Robert L. Reynolds, CEO |
| Products | 401(k)s, mutual funds, retirement plans |
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Number of employees
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1,700+ |
| Parent | Great-West Lifeco |
| Website | putnam.com |
Putnam Investments is a privately owned investment management firm founded in 1937 by George Putnam, who established one of the first balanced mutual funds, The George Putnam Fund of Boston. As one of the oldest mutual fund complexes in the United States, Putnam has over $125 billion in assets under management, 79 individual mutual fund offerings, 96 institutional clients, and over seven million shareholders and retirement plan participants.
Putnam is headquartered in Boston, Massachusetts and has offices in London, Tokyo, Frankfurt, Amsterdam, Sydney, and Singapore. It is a subsidiary of Great-West Lifeco and as of June 2011 managed $114 billion in assets across 80 mutual funds, 100 institutional clients, and 5 million shareholders and participants. It is currently owned by the Power Financial Corporation.
The firm was founded in 1937 by George Putnam who established one of the first balanced mutual funds: The George Putnam Fund of Boston. Lawrence Lasser joined the company in 1969 and it became "one of the largest managers of mutual funds."
In 1997, Putnam Investments established a connection with Nippon Life Insurance in Osaka, Japan, and its subsidiary Nissay Asset Management Company.
The year 2000 marked the beginning of a gradual asset value decline that took Putnam's asset value from $400 billion to $192 billion.
In October 2003, the Securities and Exchange Commission (SEC) and the Massachusetts Secretary of State each filed separate civil complaints against Putnam, alleging that the company's portfolio managers, along with some preferred clients, had engaged in the rapid trading of some of Putnam's mutual funds. A few days later, Lasser resigned and Charles "Ed" Haldeman, director of one of the company’s investment divisions, was promoted to chief executive.
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Wikipedia