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Putnam Investments
Putnam Investments is an investment management firm founded in 1937 by George Putnam, who established one of the first balanced mutual funds, The George Putnam Fund of Boston.
Headquartered in Boston, Massachusetts, it has offices in London, Tokyo, Frankfurt, Sydney, and Singapore. Putnam is currently a subsidiary of Franklin Templeton Investments.
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. In early 2004, the company admitted allowing its portfolio managers and some investors to market time its funds. Under agreements with the SEC and the Secretary of the Commonwealth of Massachusetts, Putnam paid $110 million in fines and restitution to settle charges with the state and federal regulators. After allegations of improper trading became public, Putnam's investors withdrew at least $28 billion from its stock and bond funds over six months. By May, 70 civil actions had been filed against Putnam for allegedly engaging in improper trading.
Between 2003 and 2007, Haldeman initiated broad changes within the company. He created a new set of guiding principles for the company and reduced the company's staff by 11 percent, including eliminating 25 of the highest-paid executive positions. He reduced senior management compensation to half of what it was in 2000 and adjusted portfolio managers' compensation to encourage more long-term thinking and planning.
In 2005, Putnam paid $40 million to settle charges made in 2003 that it "did not tell fund investors or directors about paying" brokerage firms for recommending its mutual funds to clients. Afterward, some investors withdrew their funds. This settlement was the final resolution in an investigation of Putnam's payments to 80 brokers conducted over three years.
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Putnam Investments
Putnam Investments is an investment management firm founded in 1937 by George Putnam, who established one of the first balanced mutual funds, The George Putnam Fund of Boston.
Headquartered in Boston, Massachusetts, it has offices in London, Tokyo, Frankfurt, Sydney, and Singapore. Putnam is currently a subsidiary of Franklin Templeton Investments.
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. In early 2004, the company admitted allowing its portfolio managers and some investors to market time its funds. Under agreements with the SEC and the Secretary of the Commonwealth of Massachusetts, Putnam paid $110 million in fines and restitution to settle charges with the state and federal regulators. After allegations of improper trading became public, Putnam's investors withdrew at least $28 billion from its stock and bond funds over six months. By May, 70 civil actions had been filed against Putnam for allegedly engaging in improper trading.
Between 2003 and 2007, Haldeman initiated broad changes within the company. He created a new set of guiding principles for the company and reduced the company's staff by 11 percent, including eliminating 25 of the highest-paid executive positions. He reduced senior management compensation to half of what it was in 2000 and adjusted portfolio managers' compensation to encourage more long-term thinking and planning.
In 2005, Putnam paid $40 million to settle charges made in 2003 that it "did not tell fund investors or directors about paying" brokerage firms for recommending its mutual funds to clients. Afterward, some investors withdrew their funds. This settlement was the final resolution in an investigation of Putnam's payments to 80 brokers conducted over three years.