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Wednesday, May 03, 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.
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