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.
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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