The Dow Jones Industrial Average is once again safely over 9000 (and nearing 10k), tech stocks are roaring back (even Amazon.com) and the recession may be through. One thing has not changed though. Fund shareholders are still pulling cash from Putnam Investments
The Boston-based unit of Marsh & McLennan Cos. and the nation's fifth largest fund complex as measured by assets saw net outflows of $882 million in August, according to Financial Research Corp. That makes August the 27th consecutive of outflows. Those outflows were also the largest experienced in the industry.
For the year investors have pulled $8.2 billion from Putnam. Janus Capital, with $5.1 billion in outflows ranks second on the list of woe. Janus also ranked second in outflows in August with net redemptions of $756 million.
Meanwhile, the nation's largest fund complex saw inflows for the month. FRC reports that Fidelity Investments pulled in net inflows of $648 million last month.
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