Putnam Investments' assets under management slipped to $195 billion in the third quarter, a 6.7% decline from $209 billion the year before, parent company Marsh & McLennan indicated in an earnings report, Reuters reports.

MMC Chairman Michael Cherkasky said the decline was due to past performance, and that once rolling five-year returns move past the end of the bull market in March 2000, comparisons will improve and assets will return.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.