The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Putnam Takes Out its Two Cents from Marsh Not Rated 4.0 Email Routing List Email & Route  Print Print
Tuesday, October 22, 2002

Putnam Takes Out its Two Cents from Marsh

by: Sean Hanna, Editor in Chief

Marsh executives have to be less happy with Putnam Investments than they were before the start of the bear market. Not only are Putnamís own earnings in decline, losses in its venture capital affiliate took a whack out of Marshís bottom line this quarter.

The firm said today that it took a two-cent charge to account for $20 million of venture capital losses in the portfolio of Thomas H. Lee Partners. The private-equity fund actually wrote its portfolio down by $32 million, but $12 million of the amount was offset by a payment recorded from Putnam's Italian joint-venture partner.

Meanwhile, Marsh reported that its investment management business, which is primarily Putnam Investments, earned $116 million in the third quarter. That amount is 38 percent below the $189 million of earnings reported for the unit in the third quarter of 2001. The weakening bottom line was off by even more than revenues were in the unit. Putnamís revenues slipped 15.2 percent to $522 million from $616 million in the prior-year period.

The decline in revenue was slightly less than the 16.7 percent decline in assets under management at Putnam over the same period. Those assets totaled $238 billion at the end of the third quarter, down from $286 billion a year earlier and $284 billion at the end of the second quarter. Mutual fund assets declined to $161 billion at the end of the quarter from $203 billion a year ago while institutional funds assets fell by just $6 billion to $77 billion.

The continued decline of prices in the equity market is the primary cause of the diminishing asset base, according to the company. Net redemptions during the quarter were $7.1 billion, nearly twice the $3.6 billion of redemptions in the first and second quarters.  

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2023: Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

  1. MFDF webinar - Latest Updates In Mutual Fund Litigation and Enforcement, June 6
  2. Pershing Insite 2023, Jun 6-8
  3. Nicsa webinar - The Journey From Networking to Sponsorship, June 7
  4. MFDF webinar - SEC Staff Panel, Division of Examinations — IC Issues and Considerations For Fund Boards, June 8
  5. Expect Miracles East Coast Classic, June 8
  6. 2023 MMI Alternative Investments Forum, June 13
  7. WE DC - ESG Panel Discussion, June 13
  8. Nicsa Fearless Leadership Symposium, June 14
  9. MFDF Director Discussion Series - Open Forum (Denver), June 20
  10. The Ben Graham 10th Annual Conference, Jun 20-21
  11. IDC Industry Segment Call - Governance Committee Chairs, June 21
  12. Crane Data's Money Fund Symposium, Jun 21-23
  13. IDC Industry Segment Call - Board Leaders, June 22
  14. 2023 MMI Distribution Leadership Forum, Jun 22-23
  15. MFDF webinar - Closed-End Fund Litigation Overview and Update, June 27
  16. MFDF Director Discussion Series - Open Forum (Atlanta, GA), June 28
  17. MFDF Director Discussion Series - Open Forum (Kansas City), June 30
  18. MFDF Director Discussion Series - Open Forum (New York), July 18
  19. 2023 MMI Leadership Pathway Seminar, Jul 19-20
  20. MFDF webinar - Generative AI — It's Here, July 20
  21. MFDF Director Discussion Series - Open Forum via Zoom, July 27
  22. MFDF Director Discussion Series - Open Forum (Milwaukee, WI), August 8
  23. MFDF Improving Equity Fund Alpha Estimates, September 13
  24. 4th Annual ETFGI Global ETFs Insights Summit - United States, Sep 20-21
  25. MFDF webinar - Introduction to Retail Private Markets Funds: Structures to Access Private Equity, Private Credit, Infrastructure and Real Estate Investments, September 27
  26. Expect Miracles Atlanta Coast Classic, October 2

©All rights reserved to InvestmentWires, Inc. 1997-2023
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use