Putnam Investments
From Wikipedia, the free encyclopedia
| Putnam Investments | |
 |
|
| Type | Private |
|---|---|
| Founded | 1937 |
| Headquarters | Boston, Massachusetts |
| Key people | Ed Haldeman, CEO |
| Industry | Financial services |
| Products | 401ks, mutual funds, retirement plans |
| Revenue | $ |
| Employees | 3,600 |
| Slogan | Managing money for individual and institutional investors around the world |
| Website | www.putnam.com |
Putnam Investments, a subsidiary of Marsh & McLennan Companies (MMC) since 1970 ([1]), is a global money management firm founded in 1937 and headquartered in downtown Boston, Massachusetts. As the tenth-largest mutual fund complex in the United States, Putnam has USD 194 billion under management (as of 2005), nearly 500 institutional clients, and over 11 million shareholders and retirement plan participants.
[edit] Scandal
The company was involved in the mutual fund scandal of 2003 and admitted to allowing its portfolio managers and some investors to market time its funds. Under agreements with the U.S. Securities and Exchange Commission (SEC) and the Office of the Secretary of the Commonwealth of Massachusetts (William Galvin), Putnam will pay $110 million in penalties and restitution to settle charges with the state and federal regulators.
Since November 2003, Putnam has implemented reforms and changes including replacing CEO Lawrence Lasser with Ed Haldeman as well as new appointments for CAO, COO, CFO, General Counsel, and compliance officer.
Putnam is being acquired by a subsidiary of Power Financial Corporation, a Montréal-based company with interests in the financial services industry globally and nearly $100 billion in assets under management. Putnam will become a separate subsidiary of Great-West Lifeco Inc., which is controlled by Power Financial.
