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Rating:Putnam Shifts Towards Mutual Funds as Outflows Slow Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, November 13, 2009

Putnam Shifts Towards Mutual Funds as Outflows Slow

Reported by Neil Anderson, Managing Editor

As the markets have continued to rebound, Putnam Investments' asset mix has changed even as AUM and net flows have increased. According to the most recent quarterly report from Power Financial (a Power subsidiary, Great-West, owns Putnam), Putnam's average asset mix shifted from 52 percent mutual funds in the second quarter of 2009 to 53 percent in the third quarter of 2009.

Putnam's total AUM was still down 16.83 percent year-over-year, from $136.6 billion on September 30, 2008 to $113.6 billion on September 30, 2009. That figure includes $58 billion in mutual fund assets. Yet Putnam's assets increased 10.52 percent in the third quarter, from $102.8 billion on June 30, 2009.

Even as the markets buoyed Putnam's assets in the third quarter, the asset manager's redemptions and net outflows plunged. Putnam suffered $3.33 billion in net outflows (thanks to $10.67 billion in redemptions) in Q3 2008 and $8.76 billion in net outflows (thanks to $13.02 billion in redemptions) in Q2 2009 -- in Q3 2009, only $1.80 billion net flowed out of Putnam, a figure more than compensated for by $12.62 billion in positive market performance. 

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