and his team drastically reduced the outflows at Putnam
] last quarter, but market woes still pushed down the Boston-based mutual fund shop's assets under management. Yesterday Putnam's parent, Great-West Lifeco Inc.
, released its second quarter earnings
, along with a second quarter report
for shareholders and a supplemental information package
. Power Financial Corporation
, in turn, owns 72.22 percent of Great-West.
The Canadian Press
both covered Great-West's earnings.
According to the Canadian insurer, Putnam's net outflows fell to $271 million in Q2 2012, compared to $1.969 billion in outflows in Q1 2012 and $1.615 billion in net inflows in Q2 2011. Yet performance hit Putnam's AUM to the tune of $4.3 billion last quarter, driving AUM down to $119.708 billion on June 30, 2012, from $124.279 billion on March 31, 2012 and $129.132 billion on June 30, 2011.
Putnam brought in $182 million in fees in Q2 2012, up from $179 million in Q1 2012 but down from $209 million in Q2 2011. Putnam net lost $5 million in Q2 2012, compared to a $12 million loss in Q1 2012 and a $48 million profit in Q2 2011.
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