Morningstar Inc., a research firm that
rates 12,000 mutual funds, said investors should wait before
buying or selling shares in funds run by Putnam Investments, the
company that ousted its chief executive after being charged with
securities fraud last week.
Boston-based Putnam’s hiring of Barry Barbash, a partner at
Shearman & Sterling LLP and former enforcement chief of the
Securities and Exchange Commission, is one of several
“encouraging developments” that dissuaded Russel Kinnel,
Morningstar’s director of fund analysis, from recommending that
investors sell their holdings.
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Barbash is expected to recommend new compliance practices at
the company and will report directly to Jeffrey Greenberg,
chairman of Marsh & McLennan Cos., Putnam’s parent.
Bloomberg News
