Putnam Investments has decided to shed 11 funds from its lineup. Those funds will be merged with other funds in the firm's family. The proposed changes are still subject to approval from the funds' trustees and shareholders.
The funds that will be merged are as follows:
- Putnam Balanced Fund,
- Putnam Balanced Retirement Fund,
- Putnam New Century Growth Fund,
- Putnam Technology Fund,
- Putnam Global Growth and Income Fund,
- Putnam Global Equity Fund,
- Putnam Asia Pacific Growth Fund,
- Putnam Emerging Markets Fund,
- Putnam High Yield Trust II,
- and Putnam Strategic Income Fund.
"We are consolidating our product line to ensure that Putnam anticipates and keeps pace with the evolving needs of our investors," explicated
Lawrence Lasser, president and ceo, at Putnam. "Investors in the 1990s continually sought new and different fund products, but the markets and industry have shifted. It is time to simplify our product line, yet maintain a necessary range of clearly defined products so investors can build comprehensive, diversified portfolios. By consolidating our fund lineup, we will be able to concentrate more investment resources and talent on a smaller number of funds, and we expect to deliver stronger performance in those funds."
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