MetLife Fires Putnam, Tabs Fidelity

December 16, 2003, 1:00 a.m. EST 1 Min Read

Boston-based Putnam Investments lost another client Friday, as MetLife Advisers LLC decided to shift to Fidelity Investments as the sub-advisor for its mutual funds, Reuters reports.

Ever since the fraud charges for improper trading hit Putnam, the No. 5 mutual fund firm has seen numerous clients look elsewhere for pensions, sub-advising and fund investing, in general.

As of today, Fidelity, the No. 1 mutual fund company, will take over where Putnam left off.

Putnam lost $245 billion, or 12% of its assets under management, in November alone. Other clients that have fired Putnam include the largest U.S. pension fund, CalPERs, and the largest U.S. retail chain, Wal-Mart.

New York Attorney General Eliot Spitzer and federal regulators have charged that Putnam allowed market timing, the rapid in-and-out trading of funds, by certain clients.

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The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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