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

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

Rating:A Boston MF Scion Dies At 92 Not Rated 5.0 Email Routing List Email & Route  Print Print
Thursday, April 04, 2019

A Boston MF Scion Dies At 92

News summary by MFWire's editors

A fundster scion died last week at the age of 92.

George Putnam
1926-2019
George Putnam, former chairman of the Investment Company Institute (ICI) and of Putnam Investments [profile] and of its mutual funds, passed away on March 25, the New York Times and the Boston Globe report. His namesake father (don't call them "Jr." and "Sr.") founded the Boston-based fund firm in 1937, his mother was a renowned poodle breeder, and his great-great-great grandfather wrote the "prudent man rule" underlying fiduciary duty.

The younger George Putnam was born on August 30, 1926 in Manchester, Massachusetts. He joined the Army Air Forces in 1944, then earned biochemistry and MBA degrees from Harvard. He did postgraduate work with margarine and shortening, but he was drawn back in to the family business two years after finishing his business degree.

"To please my father, whose health was failing rapidly, I took my brand new MBA to the Putnam Funds in 1951 — and have been there ever since," George Putnam the younger wrote in 1974. His father died in 1960.

Over the years, he stressed the importance of collaboration, not of his own power. "If you have it, you don't flaunt it," he reportedly said in a 1975 interview, in 1979 he wrote that "real 'power' lies in the friendship, respect, and trust of people who can help provide success in a venture." The Putnam scion spent five decades at the company, serving as CEO and chairman and finally retiring in 2001, becoming chairman emeritus.

"It's a young person's business. Investment management requires a lot of youth and energy," he told the Globe in 2001. "There is a role for old poops like myself when the markets turn ... A little gray hair comforts the shareholders."

His son, publisher and hedge funders George Putnam III, remains a Putnam fund trustee.

Over the years, George Putnam the younger served on Harvard's board of overseers, helped create and led the Harvard Management Company, and held numerous board positions with the likes of American Public Radio, the Boston Company, Boston Safe Deposit & Trust, the Boston Museum of Science, the Boys and Girls Clubs of Boston, Bradford College, Brockwood School, the College of the Atlantic, Colonial Williamsburg, Combustion Engineering, Computer Controls, Freeport-McMoran, Grafinkle Brooks Brothers, General Mills, Gorton's of Gloucester, Hitchner Manufacturing, Houghton Mifflin, Mallinckrodt Chemical, the Manchester Public Library, Marsh & McLennan (a onetime owner of Putnam Investments before Great-West bought the fund firm), Massachusetts General Hospital, the Massachusetts Historical Society, Massachusetts Horticultural Society, the McLean Hospital, the Museum of Fine Arts Boston, the NASD, the National Market Advisory Board, the Nature Conservancy in Maine, the New England Aquarium, New England Historical Geneaological Scoeity, Northeastern University, the Peabody Essex Museum, Rockefeller Brothers Fund, Rockefeller Center, SCA Services, Shore Country Day School, Spray Engineering, St. Marks School, the Trustees of Reservations, Wellesley College, and Vincent Memorial Hospital.

He was also an avid model train display builder "up until just before his death", according to his son.

"He was a man of many interests and he attacked them all with great passion," George Putnam III tells the Globe. "He loved working with his hands, doing carpentry or doing yardwork. He loved growing orchids."

Bob Reynolds, current president and CEO of Putnam, recently sent his team a note on the "passing of a legend."

"Mr. Putnam leaves a tremendous legacy that represents the very best of Putnam Investments," Reynolds wrote. "In addition to his role as a trailblazer in the fund industry and in helping to build Putnam Investments into the firm that it is today, Mr. Putnam symbolized the highest levels of decency, integrity, and humility. At his core, he was a gentleman and the embodiment of what is good about our industry, company, and community."

George Putnam the younger is survived by his wife, two daughters and a son, ten grandchildren, and three greatchildren. Services will be private. In lieu of flowers, the family is directing donations to MSPCA-Angell, the Peabody Essex Museum, or WGBH. 

Edited by: Neil Anderson, Managing Editor


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

5.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2021: Q2Q1
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:
Raw XML
Add to My Yahoo!
follow us in feedly


  1. MFDF Director Discussion Series - Open Forum via Zoom (Midwest), March 10
  2. FinReg Outlook 2021, March 10
  3. Irish Funds North American Digital Seminar, March 11
  4. MFDF webinar - Municipal and Taxable Fixed Income — A Multi-Speed Recovery, March 12
  5. 2021 Virtual Mutual Funds and Investment Management Conference, Mar 15-19
  6. Women for Impact - A Call to Action, March 16
  7. SEC & DOL Standard of Conduct Rulemakings — Present & Future Considerations, March 23
  8. Expect Miracles Foundation's Virtual Mystery Game Night, March 24
  9. MFDF Director Discussion Series - Open Forum via Zoom, March 24
  10. ETFGI Global ETFs Insights Summit - ESG & Active ETF Trends, Mar 24-25
  11. MFDF webinar - Asset Management M&A for Fund Directors — Recent Trends and Governance Issues, March 31
  12. MFDF Director Discussion Series - Open Forum via Zoom, April 7
  13. MFDF In Focus: Board Oversight of Sub-advisers, April 15
  14. ETF.com Awards 2020, April 20
  15. The 31st Sub-Advised Funds Forum, Apr 20-21
  16. MFDF Director Discussion Series - Open Forum via Zoom (Northeast), April 21
  17. FIASI virtual event - ESG in Fixed Income: Shining a Light on Transparency, Apr 22-23
  18. 44th Annual AIMSE Marketing & Sales Conference, May 2-4
  19. MFDF Director Discussion Series - Open Forum via Zoom (Southeast), May 5
  20. ICI 2021 General Membership Meeting - Day 1, May 6
  21. ICI 2021 General Membership Meeting - Day 2, May 13
  22. 2021 FINRA Annual Conference, May 18-20
  23. MFDF Director Discussion Series - Open Forum via Zoom, May 19
  24. 2nd annual ETFGI Global ETFs Insights Summit - USA, May 19-20
  25. Irish Funds Online Annual Global Funds Conference 2021, May 19-20
  26. MFDF webinar - Fund Director Compensation: MPI Annual Survey (2021), May 20




©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use