It acted the day after reporting its assets under management fell another $2 billion last week and stood at $245 billion as of Nov. 30, down 11.6% for the month.
The Boston fund company said Monday that it had lost $32 billion of assets under management last month (more than 11% of assets ). It was charged with securities fraud on Oct. 28 by Massachusetts regulators and the
The company has since ousted its chief executive officer, Lawrence Lasser, and settled the SEC case in attempts to restore investor confidence. The $2 billion decline during the week shortened by the Thanksgiving holiday was the smallest of the month.
Shares of the Putnam High Yield Trust and Putnam High Yield Advantage funds bought on or after Dec. 1 are subject to the 1% redemption fee, the company said. This means that such shares are subject to the fee if sold or exchanged within 90 days of purchase. This short-term trading fee had previously been imposed on all Putnam international and global funds.
These fees are designed to discourage short-term flows of money into or out of the funds, which can interfere with the disciplined, long-term strategies of a fund's portfolio management team, Putnam said. The fees are paid directly into the funds to offset transaction expenses that arise from short-term trading.
