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Rating:Power CEO Defends Putnam Progress Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, April 15, 2008

Power CEO Defends Putnam Progress

by: Erin Kello

All is well at Putnam, says Jeffrey Orr, CEO of the company's parent, Power Financial Corp. Orr told Bloomberg that the planned turnaround at Putnam, acquired by Power last August, is going well, it's the markets that are not cooperating.

According to FRC data, Putnam saw $2.9 billion in outflows from its retail funds in the first two months of 2008. The Boston-based company's AUM also fell 2 percent in 2007.

The MFWire reported back in December that fund industry insiders thought that Great-West, Power's insurance company that directly purchased Putnam, may do away with the Putnam brand altogether if underperformance continued. In February, the Canadian newspaper Globe and Mail reported that Putnam's continued woes were starting to also have an effect on Great-West's shares. 

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