Putnam Investments’ former chief
executive, Larry Lasser, was asked to resign on October 30 by the
board of Marsh & McLennan Cos., the Boston Globe reported without
citing anyone.
Lasser, who ran Boston-based Putnam for 18 years, was ousted
two days after Massachusetts regulators and the Securities and
Exchange Commission sued the mutual fund company for failing to
stop improper trading by its own fund managers, the paper said.
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Marsh & McLennan said at the time that Lasser “will leave the
company” amid “new leadership” at Putnam.
Putnam’s assets declined by more than $30 billion in
November amid client withdrawals, dropping the company from the
fifth-largest U.S. mutual fund company to the sixth biggest, the
paper said.
Lasser will remain an employee of the company until December 31,
according to an email he wrote to the paper, the Globe said.
Lasser didn’t immediately return a message left at his home by
Bloomberg News. Marsh & McLennan spokeswoman Cathy Yeadon had no
immediate comment. Putnam spokeswoman Nancy Fisher declined to
comment.
Bloomberg News
