Edward Jones No Longer Prefers Putnam
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Thursday, May 01, 2008

Edward Jones No Longer Prefers Putnam

Putnam Investments was dealt another blow this week when it was removed from Edward Jones' list of preferred funds. The Boston Herald reports that Jim Weddle, managing partner of Edward Jones, said the decision was made after evaluating the performance of Putnam's funds. He added that Jones' 11,000 brokers will still sell Putnam funds, they will just have a diminished presence in broker training and national meetings. Great-West, which acquired Putnam last year, is said to be unhappy with Putnam's continuing problems and is evaluating options of what to do with the company. An industry consultant told the MFWire last December that the Canadian giant may consider buying another fund company and merging Putnam with it, eliminating the Putnam brand.

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