MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, May 3, 2006 Putnam Q1 Revenues Dip 13% Revenues at Putnam Investments slid 13 percent to $345 million in the first quarter, according to a news release on Wednesday. Boston-based Putnam, a subsidiary of Marsh & McLennan Cos.,ended the quarter with average assets under management of $190 billion, down from $204 billion in the same period last year. Ending assets totaled $189 billion, unchanged from the figure posted at the close of 2005. Of the $189 billion, $126 billion are mutual fund assets and $63 billion are institutional assets. "Putnam continues to execute its strategy, as it was helped by strong market performance," said Michael Cherkasky, president and chief executive of Marsh, in a statement. According to a Reuters report, Cherkasky told investors in a conference call that outflows at Putnam would likely continue in the second quarter but would turn to inflows by yearend. Putnam has been bleeding assets since it was implicated in a fund trading scandal in the fall of 2003. In the 2005, the firm suffered net withdrawals of about $21 billion, according to published reports. Putnam's parent firm, meanwhile, posted a first-quarter net income of $416 million, up from $134 million a year ago. Printed from: MFWire.com/story.asp?s=11748 Copyright 2006, InvestmentWires, Inc. All Rights Reserved |