Putnam Investments long uphill battle officially began last November, when industry icon Larry Lasser was asked to leave the firm and Charles "Ed" Haldeman, Jr., stepped in and was charged with turning around the embattled fund giant.
Under his direction, Putnam has reached a settlement with the Securities and Exchange Commission in relation to improper market timing activity at the firm, cut the fees it charges, increased portfolio transparency and undertaken major confidence rebuilding efforts.
Haldeman spoke with MME about Putnams corporate culture, its settlement with the SEC, and its poor fund performance, as well as how the firm intends to attract clients going forward. "My concerns since Ive been in this job have been solely focused on restoring investor confidence, putting the regulatory and legal issues behind us, and proving to out clients and the outside world that Putnam is a good place for their money to be," Haldeman said. "Ive spent essentially no time thinking about the economics of the business. My hope and expectation is that by restoring investor confidence and by delivering good performance, eventually clients will bring their assets back to us."
Check out this weeks hard copy edition of MME for part 1 of the in depth interview with Ed Haldeman.