MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, February 1, 2002 Fund Earnings Drought Fund firm's financial results are confirming just how bad a year it was for the industry in 2001. Both Stilwell Financial and Putnam Investments reported $80 billion drops in assets under management during 2001. Total assets under management at Putnam fell to $304 billion from $381 billion in 2000, according to an earnings release from Putnam parent Marsh & McClennan Companies. The report added that revenue at Putnam fell to $629 million from $740 million for the final quarter, a fall of 15 percent from a year ago. Meanwhile, Stilwell Financial reported that earnings fell by half. The parent to the Janus and Berger mutual-fund families, said its fourth-quarter net income fell 52 percent due to an asset base that shrunk by 35 percent to $186.3 billion from $284.7 billion a year earlier. Stilwell earnings fell to $73.7 million from from $153.2 million in the fourth quarter of 2000. For all of 2001 it reported earnings of $302.3 million down from $663.7 in 2000. Both firm's reported that they are keeping a tight control on costs to maintain profitability as assets in the funds declines. Printed from: MFWire.com/story.asp?s=1769 Copyright 2002, InvestmentWires, Inc. All Rights Reserved |