Putnam Ends Mutual Fund Manager Teams

Posted by: Lauren Young on November 17, 2008

The Larry Lasser era has officially ended at Putnam Investments.

Sure, Lasser left Boston-based Putnam way back in 2003. But the team-based mutual fund manager system he championed ended today with news that Putnam is restructuring its equity unit and assigning individual managers to run funds. Leading the charge is Putnam’s newly appointed CEO, Robert L. Reynolds, who is a Fidelity Investments alum.

“I have always believed that success in asset management depends on fundamental research, individual manager responsibility and accountability, retaining and attracting the best people, and rewarding those who deliver sustained, superior results,” Reynolds said in a press release. “The changes we are making today reflect those beliefs. They lay the groundwork for us to move aggressively toward our highest priority of helping clients succeed by delivering sustained top-quartile investment performance.

In other words, expect Putnam to look a lot more like Fidelity in the coming months.

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Bloomberg Businessweek’s Ben Steverman focuses on the latest moves in financial markets and emerging trends in stocks, bonds, and funds, always with an eye toward giving readers a better understanding of the sometimes confusing and often chaotic world of money. Standard & Poor’s senior index analyst Howard Silverblatt will also provide his take on companies’ finances and the markets. Voted one of the “Top 100 Finance Blogs” in 2007.

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