Putnam Investments, one of the first companies to be embroiled in the mutual fund trading scandal, continues to pay the price for its involvement, as investors yanked another $1.8 billion from the fund complex in September, bringing its net outflows year-to-date to $15 billion. Putnam is now the ninth-largest U.S. mutual fund firm.
Fidelity was hit with the second-highest net withdrawals in September, seeing $881 million walk out the door during the month. Year-to-date, Fidelity has taken in a scant $3.4 billion in net flows.
Meanwhile, Vanguard, Fidelity's No.1 rival, is prospering, as it scored $34 billion in new money in just the first nine months of this year. Capital Group, another Fidelity rival, has taken in $61 billion in new money during the period.
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