With
There is little prospect that the outflows will end soon. The Montreal financial services company might consider taking steps to reinvigorate the operation, such as changing management or a new distribution strategy, analysts say.
However, Power Chairman Robert Gratton said his company has no plans to bring significant changes to Putnam’s executive ranks, sales strategy or anywhere else.
“Flows are negative and will be negative for all of 2007,” Gratton said. “But things are starting to change on the institutional side, where we expect positive flows from net sales. The timing of when we become positive, whether it is the end of 2007 or the beginning of 2008, is really irrelevant. We are satisfied that the turnaround is there. Fund performance is growing stronger.”
Some agree that the deal will be a positive for Putnam.
“Putnam never fit strategically” with
Gratton also said Power would look to continue acquiring business in the U.S. In the past year, it has brought businesses from