Putnam Launches New Defined Contribution Platform

Putnam Investments has launched a new defined contribution platform for financial advisers and plan sponsors, using recordkeeping from FASCore, another subsidiary of parent company Great-West Lifeco.

The platform is meant to be flexible and scalable, and includes a number of default selections from which a sponsor can choose, said Putnam Head of Global Marketing and Products Jeffrey R. Carney.

The platform will include Putnam’s new Absolute Return Funds, open architecture, automated features to increase ease of use, fee transparency and a wide array of qualified default investment alternative options.

“We are confident that the adviser and plan sponsor marketplace will find Putnam’s evolving retirement offering to be highly competitive and a compelling choice at a time when strength of product, service and versatility truly matter,” Carney said.

Edmund R. Murphy III, head of defined contribution at Putnam, called the platform “low cost and high touch.”

Separately, sister company Mercer announced that rather than offer its defined contribution administration services exclusively through Putnam, it will now work directly with financial advisers.