Putnam Investments’ customers pulled an
estimated $9.7 billion of funds in less than two weeks after the
mutual-fund manager became the first company charged with fraud in
the widening investigation of the $7 trillion industry.
The withdrawals, representing about 3.5 percent of Putnam’s
assets, include about $3.9 billion redeemed by mutual-fund
investors from Putnam’s stock funds, according to AMG Data
Services in Arcata, California. An additional $5.8 billion is
being pulled by institutional clients such as state pension funds
in Massachusetts, Rhode Island and Iowa.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
“To lose so much money in such a short time is probably
unparalleled,” said Burton Greenwald, an industry consultant in
Philadelphia, who estimates the redemptions at Putnam will result
in the loss of at least $32 million in annual management fees.
Bloomberg News
