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Wednesday, December 09, 2009

Reynolds Preps Two Retirement Income Funds

News summary by MFWire's editors

Bob Reynolds wants to create a mutual fund that includes a guarantee. In an interview with InvestmentNews' Jessica Toonkel Marquez, the Putnam Investments president and CEO revealed that he plans to launch just such a fund in Q1 2009. He's also interested in creating a non-guaranteed retirement income mutual fund that combines absolute returns with puts and calls.

"It's not a guarantee," Reynolds reportedly said. "But a guarantee in any shape or form depends on the economic viability of the wrapper."

So who might wrap (i.e. insure) such new Putnam products? Reynolds told the pub that he hasn't chosen an insurer yet, but expect Putnam sister company and retirement plan provider Great-West Life and Annuity (both part of the Power Financial family) to have an advantage over the other options; earlier this year Putnam switched much of its new defined contribution retirement plan business to a new platform powered by Great-West. 

Edited by: Neil Anderson, Managing Editor

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