putnam investments

Putnam Investments, a subsidiary of Marsh & McLennan Companies (MMC) since 1970 (http://www.mmc.com/about/history.php), is a global money management firm founded in 1937 and headquartered in downtown Boston, Massachusetts. As the USA's sixth-largest mutual fund company, Putnam has $206 billion under management, nearly 500 institutional clients, and over 11 million shareholders and retirement plan participants.

Scandal

The company was involved in the mutual fund scandal of 2003 and admitted to allowing its portfolio managers and some investors to market time its funds. Under agreements with the Securities and Exchange Commission (SEC) and the Office of the Secretary of the Commonwealth of Massachusetts (William Galvin), Putnam will pay $110 million in penalties and restitution to settle charges with the state and federal regulators. Since November 2003, Putnam has implemented reforms and changes including replacing CEO Lawrence Lasser with Ed Haldeman as well as new appointements for CAO, COO, CFO, General Counsel, and compliance officer.

External links

www.putnam.com

Putnam's press release about its SEC settlement - April 8, 2004

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